1. Auto Mileage Rates:
2017 First 5000kms @ $0.54 per km
Balance @ $0.48 per km
2. RRSP Limits:
2017- MAX = $26,010
Calculation = 18% of net employment income or self-employment income
3. CPP & EI Limits for 2017:
CPP = $2,564.10
Pensionable earnings = $55,300
EI = $836.19
Insurable earnings = $51,300
4. Corporate Income tax rates (Ontario):
CCPC= Canadian Controlled Private Corporation
ABI= Active Business Income
CCPC & ABI < $500,000 = 15.0%
CCPC & ABI > $500,000 = 26.5%
CCPC investment income = 50.17%
5. What happens if I need out of Province/Country support?
We are a member of the following International Accounting Groups:
We are affiliates with Professional Accountants throughout the world.
6. What is an Estate vs. a Trust?
An Estate is created when someone dies. After death, the estate becomes a testamentary trust. A testamentary trust may have any year-end.
Trusts may be created when a person is living, known as an inter vivos trust. The year-end for these trusts is December 31, annually. An inter vivos trust has a Settlor (one who created the trust) and beneficiaries (those who will receive trust assets and/or income). All trusts are subject to a 21 year deemed realization value.
Estates and Trusts are complicated and require professional assistance.
7. What is SR & ED?
If you are a manufacturer, processor of goods or a developer of software, systems, etc. you may be entitled to a SUBSTANTIAL TAX CREDIT. (If you have zero income, the government sends you a cheque!!!).