A Good Find …
If you live in Canada and are curious .. check out the “Canadian Tax Tips Calculator” .. enter some financial information, and print out the report!
CLICK HERE: Canadian Tax Tips Calculator – Quebec only
The tax calculator (click above to access) uses the federal tax rate reductions announced October 30, 2007. The rate reductions received Royal Assent on December 14, 2007, so are now law.
* calculates taxes for both spouses
* 2007 federal changes included: reduced tax rates and increased personal and spousal exemptions announced Oct 30, 2007
* pension splitting, including transfer of tax withheld from pension income
* pension amount increase to $2,000
* spousal amount increase
* child amount of $2,000 for each child under 18
* updated for all tax changes from 2007 federal and provincial budgets
* calculates alternative minimum tax
* shows savings from RRSP deductions
* calculates CPP and EI premiums
* option to indicate that employment earnings are not subject to EI premiums (useful for business owners earning employment income)
* tax credits calculated: basic personal amount
* spouse or equivalent
* children under 18
* children under 6 (some provinces)
* pension credit, age amount
* medical, donations
* dividend tax credits
* tuition, education and textbooks, student loan interest
This calculator is intended to be used for planning purposes. It does not include every available tax credit. We strive for accuracy, but cannot guarantee it. Calculations are based on known rates as of December 14, 2007.