Military bonuses are subject to federal income tax. The amount of tax withheld will depend on your filing status, income, and deductions. The bonus will be included in your taxable income, so it will increase your overall tax liability. However, you may be able to reduce the amount of tax you owe by claiming certain … Read more
Harmonized Sales Tax (HST) is a single tax that combines the federal Goods and Services Tax (GST) and a provincial sales tax. In Canada, four provinces have implemented HST: Ontario, New Brunswick, Nova Scotia, and Newfoundland and Labrador. These provinces have agreed to harmonize their sales taxes with the federal government, which means that businesses … Read more
Taxidermize is not a real word; it is a misspelling of the word “taxidermy,” which is the art of preserving and mounting the skin of an animal (or parts thereof) on a form that resembles the animal in life. The word “taxidermy” is derived from the Greek words “taxis,” meaning “arrangement,” and “derma,” meaning “skin.” … Read more
The Harmonized Sales Tax (HST) in Ontario is a combined provincial and federal sales tax that applies to most purchases of goods and services in the province. It is calculated as a single rate of 13%, which includes the 5% federal Goods and Services Tax (GST) and 8% Ontario Provincial Sales Tax (PST). The HST … Read more
Distributions from an estate can have tax implications. If the estate is subject to estate tax, then the distribution may be subject to income tax. The amount of tax owed will depend on the value of the distribution and the recipient’s tax bracket. In some cases, distributions from an estate may be eligible for a … Read more
Whether or not Paycheck Protection Program (PPP) loans are taxable depends on how the borrower uses the funds. If the loan proceeds are used for eligible business expenses, such as payroll, rent, and utilities, the loan is generally not taxable. However, if the borrower uses the loan funds for non-business expenses, such as personal expenses, … Read more
Mortgage down payment isn’t tax deductible. However, there are deductions available for mortgage interest and property taxes, under certain conditions. Mortgage interest deduction lets you deduct the interest paid on mortgage up to a specified limit. Property tax deduction allows you to deduct state and local property taxes paid on your home. Tax Benefits of … Read more
Defence personnel in many countries are subject to income tax like other citizens. However, there can be specific tax exemptions, allowances, or concessions applicable to them due to the nature of their service or deployment. These may vary depending on the country, branch of the military, and individual circumstances. It’s important for defence personnel to … Read more
A tariff is a form of tax imposed on goods imported from other countries. It increases the price of imported goods, making them more expensive for consumers to purchase. This can protect domestic industries from foreign competition, as imported goods become less cost-effective. Tariffs can also be used to generate revenue for the government. Governments … Read more
Under the GST (Goods and Services Tax) regime, several indirect taxes levied earlier have been subsumed. These include taxes like Central Excise Duty, Service Tax, Value Added Tax (VAT), Central Sales Tax (CST), and Entry Tax. By consolidating these taxes into a single comprehensive tax, GST helps eliminate cascading effects, where taxes were levied on … Read more