For example, the federal tax rate for 2022 is 15 per cent on the first $50,197 of taxable income. You’d then be taxed 20.5 per cent on the portion of taxable income over $50,197, up to $100,392. Note that provincial income taxes differ, and you will have to account for those as well.Freelancers who earn over $30,000 in revenue in a calendar year must register for a GST/HST number within 30 days of crossing that threshold.
Although collecting and paying sales taxes may sound like a pain, it does have one benefit. Any GST/HST you collect can offset the taxes you’ve paid on your business expenses. With some business expenses, there is a limit that applies. For example, you can only claim 50 per cent of the cost of your meals related to your business. It pays to research what you can deduct as it could reduce the amount of taxes you owe.
For those that have incorporated their businesses, your T2 corporate tax return isn’t due until six months after your business’s fiscal year. For example, if your tax year ends on March 31, 2022, your tax filing wouldn’t be due until Sept. 30, 2022.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
COVID-19 update for April 4: U.S. to discuss timing of boosters | Shanghai extends major lockdown | Five things to watch for this weekHere\u0027s your daily update with everything you need to know on the coronavirus situation in B.C.
Source: VancouverSun - 🏆 49. / 61 Read more »
COVID-19 update for April 4: Government holds back new deaths data as hospitalizations rise | B.C. Premier John Horgan tests positive | New vaccine policy for federal workers expected WednesdayUpdated: On Monday, the B.C. Ministry of Health did not release data on COVID-19 deaths over the past three days, deciding instead to release that information on Thursday. The ministry did not give a reason why.
Source: VancouverSun - 🏆 49. / 61 Read more »
COVID-19 update for April 5: No data on recent deaths till Thursday | Shanghai in full lockdown | Premier Horgan has COVID-19Here\u0027s your daily update with everything you need to know on the coronavirus situation in B.C.
Source: VancouverSun - 🏆 49. / 61 Read more »
Do I need a COVID test? What to know before travelling to the U.S.If you're planning on heading down to the U.S. this spring, CTVNews.ca has what you need to know before crossing the Canada-U.S. border. FYI: avoid traveling to the USA. End of story. We went south this weekend and they didn't even want the vaccine passport. Just answer some random questions, show regular passport and carry on. Coming home was the same, didn't even want to see ArriveCAN, just regular passports and good to go. When we drove back from being down south we showed our passports, verbalized vaccine status and our youngest age 9 (not vaccinated) was tested on the way back but was not asked for test or results. Very smooth crossing.
Source: CTVNews - 🏆 1. / 99 Read more »
COVID-19 update for April 5: Health officials provide update at 1 p.m. (watch live) | B.C. to roll out fourth vaccine doses to elderly and vulnerable | Shanghai in full lockdownDr. Bonnie Henry and minister Adrian Dix are providing a COVID-19 update for B.C. Watch it live and get the latest COVID-19 news from around the world here.
Source: VancouverSun - 🏆 49. / 61 Read more »
COVID-19 update for April 5: B.C. vaccine card mandate to end Friday | B.C. to roll out fourth vaccine doses to elderly and vulnerable | Province to change how it reports COVID-related deathsHere\u0027s your daily update with everything you need to know on the coronavirus situation in B.C. As an event producer, this is so huge
Source: VancouverSun - 🏆 49. / 61 Read more »