Information you may require. TAX RATES: FEDERAL TAX RATES- 2021: Taxable income Tax $49,020 or less 15% in excess of $49,020 $7,353 + 20.5% on next $49,020 in excess of $98,040 $17,402 + 26% on next $53,938 in excess of $151,978 $31,426 + 29% on next $64,533 in excess of $216,511 $50,141 + 33% on remainder RRSP: 2021 maximum $27,830 2021 Federal non- refundable tax credits Non-refundable tax credit rate 15% of non-refundable amounts. Basic Personal Amount (BPA) If Net Income is less than $151,978, BPA is $13,808 $13,808 [($1,387)][(lesser of the individuals net income and $216,511 - $151,978) $64,533] If Net Income is greater than $216,511, BPA is $12,421 ($13,808 - $1,387) Individuals ITA 118(1)(c): If Single = [(15%)(BPA)] ITA 118(1)(a): If married = [(15%)(BPA)] Spouse Or Common-Law Partner ITA 118(1)(a) In addition To The Individual If healthy : (15%)(BPA Net Income Of Spouse) If mentally or physically impaired:(15%)(BPA + $2,295 - Net Income Of Spouse or Common Law Partner) CPP through employment: - ITA 118.7Employees Maximum Payment For 2021 = $3,166.45 (61,600 -3,500)x5.55% Maximum Base For Credit = $2,875.95 (61,600-3,500)x4.95% Maximum Credit = [(15%)($2,875.95)] = $431 Difference of $290(other deduction) ($3,166 - $2,876) is a deduction. Self Employed Maximum Payment For 2021 = $6,332 [(2)($3,166)] Maximum Base For Credit = $2,876 Maximum Credit = [(15%)($2,876)] = $431 Difference of $3,456 ($6,322 - $2,876) is a deduction Employment Insurance premiums: EI deducted it is based on your insurable earnings. Maximum of $890.[Max. insurable earnings $56,300 x 1.58%] If your insurable earnings are $2,000 or less, CRA will refund all of premiums or use them to lower any balance owing. Employment Insurance premiums on self-employment and other eligible earnings: Self employed individuals can choose to pay EI premiums to be eligible to receive EI special benefits . Only if you have entered into an agreement with Canada Employment Insurance through Service Canada Canada Employment Amount: Lesser of: (1) $1,257 and (2) Employment income Tuition: educational institution has to complete and give you either Form T2202 Education Amount Certificate, Form T2202A, Tuition, FormTL11A, Tuition University Outside Canada, or FormTL11C, Tuition andEligible tuition fees post secondary level ;certified by Human Resources &skills; >$100; fees for professional examination required in a professional program (CPA) , university ancillary fees up to $250 Tuition : enter the amount the student has designated as a transfer Max tuition and education amount transferred from a child (or from each child), is $5,000 minus the amounts that he/ she uses.(Previous year carry forward cannot be transferred). Medical expenses for self, spouse or common-law partner, and dependent children born in 2004 or later dependent for support: Total Medical Expenses deduct lesser of: 3% of your net income or $2,421 Add: Allowable amount of medical expenses for other dependants: eligible medical expenses paid for persons who depended on you for support child/grandchild born 2004 or earlier, parents/grandparents, brother/sister, aunt/ uncle, nephew/niece resident in Canada . Calculate, for each dependent, the Total medical expenses that you are claiming. The total of these expenses must exceed the lesser of $2,397 and 3% of the dependents net income for the year. Eligible Medical Expenses: Payments to medical doctor, dentist,nurse certain other medical professionals, premiums to private health plan, premiums paid under provincial prescription drug plan, payments for artificial limbs, wheelchairs, crutches ,hearing aids, prescription eyeglasses/contact lenses, dentures, pacemakers, prescription drugs\medical devices. Eligible expenses for which not reimbursed. Donations and gifts: eligible amount of the gift given to registered charities and qualified donees. Eligible amounts of donations made in 2021 PLUS any donations made in previous five(5) years that have not been claimed before. Donation/Gifts limited to 75% of net income also a limit of 25% and recapture off CCA resulting from gift of capital property. Donations also include ; gift of property other than cash; gift to organizations outside Canada Credit is as follows: 15% for first $200 of eligible gift Plus 33% x least of: (i)Total gifts minus $200 (ii) Taxable income minus $216,511 Plus 29% ( gifts that Exceed $200 + lesser of (i) or (ii) Dividend Tax Credit: Federal Non Eligible Dividend Tax credit= 9/13 x Gross-up amount- Gross up= 15% . Federal Eligible Dividend Tax credit= 6/11 x Gross-up amount Gross-up 38%. Taxable Income $ On the first $ Tax is $_________ On the remaining $ Tax at $__________ Federal Income Tax on Taxable income $___________ Subtract Total non refundable tax credits (above) $__( _______)___ Federal Dividend Tax Credit Eligible $608x6/11 x $ = $__(________) - Non-Eligible $90 x 9/13 x = $__(_________)___ Total Sub Total $_______________ Subtract: Federal Foreign Tax Credit ( $ 20 ) Net Federal Tax Payable $____________ Total Income Tax Deducted at Source(Fed.+Prov.) $29,800 = $ 49,,900