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(250) 385-6718 ·· main@chancompany.ca
Tax Rates and Information
We provide professional tax advisory services. Please download the personal income tax return checklist and we will work with you to complete your tax returns in a timely manner.
What's New: CPP changes effective January 2012
The following are various tax rates and information that you may find useful:
2009 to 2011 Corporate Income Tax Rates
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INCOME ELIGIBLE FOR SMALL BUSINESS DEDUCTION (SBD)
(up to $500,000 in 2009) |
INCOME NOT ELIGIBLE FOR SBD
(over $500,000 in 2009) |
INVESTMENT INCOME
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| BC 2009 |
14.50% |
30.0% |
45.67% |
| BC 2010 |
13.50% |
28.50% |
45.17% |
| BC 2011 |
13.00% |
26.50% |
44.67% |
2011 Combined Federal and BC Income Tax for Individuals
(Ordinary Income with
only basic personal tax credit claimed)
| Taxable Income ($) |
Combined Tax (estimated)* |
| 20,000 |
1,566 |
| 30,000 |
3,878 |
| 40,000 |
5,986 |
| 50,000 |
8,848 |
| 60,000 |
11,818 |
| 70,000 |
14,788 |
| 80,000 |
17,973 |
| 90,000 |
21,624 |
| 100,000 |
25,453 |
| 150,000 |
46,420 |
| 200,000 |
68,110 |
*Taxes will vary depending on the type of income and
additional deductions or credits that you may claim.
2011 Combined Federal and BC Top Marginal Rates ( % )
| TYPE |
% |
| Ordinary Income |
43.70 |
| Non-Eligible Dividends |
33.71 |
| Eligible Dividends |
26.11 |
| Capital Gains |
21.90 |
Contribution Limits for RRSPs
| YEAR |
RRSP |
| 2008 |
20,000 |
| 2009 |
21,000 |
| 2010 |
22,000 |
| 2011 |
22,450 |
| 2012 |
22,970 |
(Please refer to your Notice of Assessment
for accumulated RRSP limits)
2011 & 2012 Automobile Deduction Limit and Benefit Rates
| TYPE |
2011 |
2012 |
| Capital Cost limit for CCA |
$30,000 |
$30,000 |
| Maximum interest deduction on loans |
$300/month |
$300/month |
| Deductible leasing cost limit |
$800/month |
$800/month |
Tax exempt mileage allowance
- 1st 5,000 km
- additional km |
$0.52/km
$0.46/km |
$0.53/km
$0.47/km |
2012 CPP/EI Rates
| CPP |
Maximum pensionable earnings |
$50,100 |
| Annual basic exemption |
$3,500 |
| Contribution rate |
4.95% |
| Maximum employee contribution |
$2,306.70 |
EI |
Maximum annual insurable earnings |
$45,900 |
| Premium rate |
1.83% |
| Maximum annual employee premium |
$839.97 |
2011 & 2012 Prescribed Interest Rates
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LATE TAX
[Reg. 4301(a)] |
REFUNDS
[Reg. 4301(b)] |
BENEFITS
[Reg. 4301(c)] |
| Jan - June 2011 |
5% |
3% / 1% * |
1% |
| July - Sept 2011 |
5% |
3% / 1% * |
1% |
| Oct - Dec 2011 |
5% |
3% / 1% * |
1% |
| Jan - Mar 2012 |
5% |
3% / 1% * |
1% |
* Since July 1, 2010 - Interest rate on refunds for corporations is 1%
while individuals is 3%.
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