There was a post earlier on Bill C-18 (the Online News Act), and I wasn't sure if this fit in there. But in case anyone was interested in discussing/reacting to it, here is a reference to Canada's...
There was a post earlier on Bill C-18 (the Online News Act), and I wasn't sure if this fit in there. But in case anyone was interested in discussing/reacting to it, here is a reference to Canada's digital news subscription tax credit! It's not much (effectively 15% off, afaict), but I haven't seen it brought up in the current discussions.
I'm super bad with accounting. So....if I owe $1000 in taxes, and my digital news subscription costs $100 then they'll refund me 15% thus $15? That's so little. And apparently this will end 2024....
I'm super bad with accounting.
What Is a Tax Credit?
The term “tax credit” refers to an amount of money that taxpayers can subtract directly from the taxes they owe. This is different from tax deductions, which lower the amount of an individual’s taxable income.
The maximum credit will be calculated by: multiplying the lowest personal income tax rate (15%) by the total of all amounts paid by the individual for qualifying subscription expenses in the year up to $500.
So....if I owe $1000 in taxes, and my digital news subscription costs $100 then they'll refund me 15% thus $15?
That's so little. And apparently this will end 2024. It's so stupid. They would have spent more man hours and Canadian taxes to process that $15.
I am also super bad with accounting! Mandatory I-am-not-a-tax-accountant advisory :3 but yeah, $15 was my takeaway too. Also holy crud I didn't realize they're canning it next year. Agreed; that's...
I am also super bad with accounting! Mandatory I-am-not-a-tax-accountant advisory :3 but yeah, $15 was my takeaway too.
Also holy crud I didn't realize they're canning it next year. Agreed; that's ridiculous -- I guess they were waiting for this bill to pass :|
That's how all tax credits work in Canada. The bottom federal tax bracket is 15%, so all non-refundable tax credits get a big old "x15%" after you add them all up. It may seem little, but with...
That's how all tax credits work in Canada. The bottom federal tax bracket is 15%, so all non-refundable tax credits get a big old "x15%" after you add them all up. It may seem little, but with many many different things it adds up.
Pretty much it's saying, for that 100$ you earned and gave to a subscription, we are not charging you federal tax on this.
There was a post earlier on Bill C-18 (the Online News Act), and I wasn't sure if this fit in there. But in case anyone was interested in discussing/reacting to it, here is a reference to Canada's digital news subscription tax credit! It's not much (effectively 15% off, afaict), but I haven't seen it brought up in the current discussions.
I'm super bad with accounting.
So....if I owe $1000 in taxes, and my digital news subscription costs $100 then they'll refund me 15% thus $15?
That's so little. And apparently this will end 2024. It's so stupid. They would have spent more man hours and Canadian taxes to process that $15.
I am also super bad with accounting! Mandatory I-am-not-a-tax-accountant advisory :3 but yeah, $15 was my takeaway too.
Also holy crud I didn't realize they're canning it next year. Agreed; that's ridiculous -- I guess they were waiting for this bill to pass :|
That's how all tax credits work in Canada. The bottom federal tax bracket is 15%, so all non-refundable tax credits get a big old "x15%" after you add them all up. It may seem little, but with many many different things it adds up.
Pretty much it's saying, for that 100$ you earned and gave to a subscription, we are not charging you federal tax on this.
This is also the list of applicable subscriptions.