|Canada Tax Information / RRSP Contribution /RRSP Calculator / RESP Contribution Limit / Income Tax Strategy / Canada GST|
2008 Personal Income Tax Rates have changed effective January 01, 2008, as follows:
The chart below reproduces the first calculation that has to be made on Page 2 of Schedule 1 of the tax package to calculate net federal tax. Page 1 is used to calculate federal non-refundable tax credits.
Under the current tax on income method, tax for all provinces (except Quebec) and territories is calculated the same way as federal tax.
Form 428 is used to calculate this provincial or territorial tax. Provincial or territorial specific non-refundable tax credits are also calculated on Form 428.
For complete details, see the Provincial or Territorial information and forms in your 2008 tax package.
For more information, please contact KJ accounting at Tax@KJaccounting.ca.