Personal Tax (T1)

Both the federal and provincial governments have imposed income taxes on individuals, and these are the most significant sources of revenue for those levels of government accounting for over 40% of tax revenue. The federal government charges the bulk of income taxes with the provinces charging a somewhat lower percentage, except in Quebec. Income taxes throughout Canada are progressive with the high income residents paying a higher percentage than the low income residents. However, a study conducted by Canadian Centre for Policy Alternatives, and released on November 8, 2007, found that the richest pay the lowest rates of all income groups. Where income is earned in the form of a capital gain, only half of the gain is included in income for tax purposes; the other half is not taxed.

Federal and provincial income tax rates are shown at Canada Revenue Agency’s website.

Personal income tax can be deferred in a Registered Retirement Savings Plan (RRSP) and tax sheltered savings accounts (which may include mutual funds and other financial instruments) that are intended to help individuals save for their retirement.

Universe Business and Tax Consultants Inc. prepares personal tax returns quickly, affordably, and most importantly accurately. We deal with the simplest to the most complicated tax returns. Our most popular tax returns include:

• Students
• Single
• Married
• Seniors
• Employment employees
• Commission employees
• Truckers
• Rental
• Disability
• Non-resident
• Business
• New Immigrants
• Deceased Return
• Social Assistance