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Tax Tips & Traps
2020 second quarter issue no. 130
Tax Ticklers...some quick points to consider...
Canadian controlled private corporations accounted for 54% of all corporate tax paid.
The 1% of Canadians who earned income in the top federal tax bracket paid 26% of the total personal taxes.
Of the 27.8 million individual tax filers, 36% were non-taxable.
The home buyers’ plan maximum withdrawal increased from $25,000 to $35,000 for withdrawals made after March 19, 2019. Also, it is now available for use by those experiencing a recent breakdown in their marriage or common-law partnership.