About Recent Tax Returns at Brampton location

About Recent Tax Returns at Brampton location

tax returns Brampton
tax returns Brampton

In the recent budget there has been many changes and updation in the tax returns,  Brampton location has observed. The below gives detailed insight under various headings about tax returns at Brampton.

  • Changes in Personal Income Tax Returns (Brampton location)
    • The lowest tax rate with respect to personal income tax returns to be reduced from 6.05% (2009) to 5.05% for 2010
    • Surtaxes are calculated on basic tax greater than certain thresholds.  The thresholds are to be reduced for 2010:
      • 20% threshold reduced from $4,257 to $3,978
      • 36% threshold reduced from $5,370 to $5,091
  • Changes in Sales Credit and  Property Tax Returns at Brampton:

The current combined sales credit and property tax returns at Brampton would be replaced with 2 new credits:

  • Sales Tax Credit:

Tax relief of up to $260 for each adult and child in low-and middle-income families

  • Property Tax Credit:

Based on occupancy cost – property tax paid, or 20% of rent paid

The retail sales tax also known as RST is to be harmonized with GST at Brampton.

  • Reductions in Corporate Tax Returns as Brampton location observed:

The general corporate tax return Brampton rate which is currently 14%, would be reduced to:

  • 12% effective July 1, 2010
  • 11.5% effective July 1, 2011
  • 11% effective July 1, 2012
  • 10% effective July 1, 2013

As a result of the reductions in corporate income tax returns, Brampton location observed that there is also adjustment in the dividend tax credit rates

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