2010 Personal Tax Info

We are approaching the end of another year, which means Christmas is close, but so is the 2010 financial year.  The following is some tax information that you may want to review as the year draws to a close.

The Federal Income Tax rates for 2010 are as follows:
•15% on the first $40,970 of taxable income
•22% on taxable income between $40,970 and $81,941
•26% on taxable income between $81,941 and $127,021
•29% of taxable income over $127,021
The Federal Basic Personal Amount in 2010 is $10,382

The Alberta Income Tax rate is 10% of taxable income.  The Alberta Basic Personal Amount is $16,825.

CPP Info
Maximum Pensionable Earnings:            $47,200
Basic Exemption                                     $3,500
Rate                                                                4.95%
Employee & Employer Maximum           $2,163.15
Self Employed Maximum                       $4,326.30

EI Info
Maximum Insurable Earnings               $43,200
Employee Rate                                              1.73%
Employee Maximum                               $747.36
Employer Rate                                             2.422%
Employee Maximum                            $1,046.30

Taxes are a pain, and no-one enjoys them,  but they do help provide us with roads, health care, education and many other things we can be grateful for in this great country. As great as Canada is, however, you shouldn't have to pay more than your fair share.  Talk to our Certified Financial Planner about some of the ways you can invest and grow your money while reducing what the tax man takes.  Jerry