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The CRA is responsible for making CPP/EI rulings, that is, to determine whether any wages or payments are insurable under Canadian Pension Program and/or Employment Insurance program. The substance of a ruling is to determine whether an individual is an employee or a self-employed contractor. An employee can get EI benefits and contractor cannot.
deduction at source – where income tax is deducted directly from an individual's pay and sent to the CRA. instalment payments – where an individual must pay his or her estimated taxes during the year instead of waiting to settle up at the end of the year. payment on filing – payments made with the income tax return
The basic rule regarding taxes as per Canada Revenue Agency (CRA) guidelines (specifically Paragraph 6(1) (a) of the Act) provides that an employee must include in the employee's income (from employment for a taxation year) the value of all benefits received or enjoyed by the employee in the year of his or her employment.
Health Spending Accounts (HSA) are Self-insured Private Health Services Plan (PHSP) benefits arranged by Employers for their Employees residing in Canada.Private Health Services Plans are described in Canada Revenue Agency (CRA) Income Tax Bulletin IT-339R2 [1] "Meaning of PHSP" for Health and Dental Care Expenses described in Income Tax Bulletin IT-519R2 [2] "Medical Expenses".
Medical tech business Medtronic eliminated $7.7 million in student debt, removing its degree requirements, while sending hundreds of employees back to school.
Typically, withholding is required to be done by the employer of someone else, taking the tax payment funds out of the employee or contractor's salary or wages. The withheld taxes are then paid by the employer to the government body that requires payment, and applied to the account of the employee, if applicable.
Heads up to anyone who is a freelancer, independent contractor, business owner, property renter or just a hobbyist who occasionally sells their creations: If you accept business-related income ...
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