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Phone: (604) 370-0888

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Personal Tax Returns

As a business owner, you file your personal income tax return and pay the same amount of tax as any employed wage earner. Your business income, after deductions, is considered your annual wage, you report it as professional or business income. Canada has a progressive income tax, and the federal tax rate on personal income for 2013 tax year is as follows:

- The first $45,282 of taxable income is taxed at 15 percent.
- The next $45,281 is taxed at 20.5 percent (the portion of taxable income between $45,282 and $90,563).
- The next $49,825 is taxed at 26 percent (the portion of taxable income between $90,563 and $140,388).
- The next $59,612 is taxed at 29 percent (the portion of taxable income between $140,388 and $200,000).
- Income over $200,000 is taxed at 33 percent.

作为自雇人士,你需要使用正确的会计方法来报告您的企业所得税。CRA的网站上面有写 ” In most cases, as a self-employed person you report business income by using the accrual method of accounting. ”

A tax return is basically your report to the government of all of your income and some other financial details for a given year. While your return may show that you have to pay more tax, you may also be eligible for a tax rebate if you have credits for expenses like health care, child care or school.

With our help, we make sure our client’s tax return takes advantage of legitimate ways to save their money.

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