2012 Limits and Rates Related to Automobile Expenses and Federal Personal Tax Credits

Automobile Expenses The rates for automobile expenses, deduction limits and the prescribed rates for determining taxable benefits on automobile operating expenses are as follows for 2012. Personal Income Tax Parameters In 2012, individuals will benefit from a small Federal tax reduction due to indexation of the tax bracket thresholds and non-refundable tax credit amounts. The following table…

Taxable Benefits in Brief

This issue of Tax Target will serve as a reminder of certain, often forgotten, details regarding the preparation of T4 and Relevé 1 forms. Automobile Benefits Automobile benefits are the total of the stand-by charge and the operating benefit. 1. Stand-by Charge (a) Stand-by charge on automobile owned by Company =  A/B x [2% x (C x D)] A/B…

Tax Information for 2012

Here are the deductions at source rates for 2012 and 2011 for Employment Insurance, Quebec Parental Insurance Plan, Quebec Pension Plan, Quebec Health Services Fund and Commission des normes du travail. These rates will help the user plan more efficiently for the current taxation year and help to prepare T4 and Relevé 1 slips for…