What are some key inputs of the Incorporation Savings Worksheet?

Jay Goodis -

The key inputs are as follows:

  • The corporate province and tax year ending are used to determine the corporate income tax rates
  • The General and SBD rates are used to allocate corporate income to the correct tax rate
  • The “Marginal corporate expenses” allow marginal expenses of a corporation (i.e. filing fee)
  • If CPP or EI withholdings are applicable for tax taxpayer, identify correctly in the appropriate cells
  • The “Provincial health tax rate” is the percentage of salary payable by the corporation (when applicable)
  • The individual province and tax year ending are used to determine the personal tax rates, CPP, and EI
  • The "Existing amounts" are used to specify amounts that would be included on the T1 before the marginal business income 
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