After Tax Income to Increase for Some Canadians

Canadian Taxpayers Federation (CTF) has came out with a detail analysis of new year tax increase on different provinces.

Among all the provinces BC residences will have the highest increase in taxes, which is estimated to be 2.9% more than previous year.

Contributing factor to this higher tax is increase in B.C. are MSP premiums, increase in Employment Insurance (EI) and Canada Pension Plan (CPP) source deduction.

MSP for every B.C. residence is going up from $57 to $60.50 a month starting January 2011.

Overall the real tax increase for B.C. residences will be much higher if you take into account of all the taxes that affect us, living in B.C.

Property tax in Vancouver is going up beginning 2011.
HST has hit some B.C. residences hard.
All utility service providers trying to increase their rate.
BC Ferries and Translink will jump on board to increase their prices in 2011.

Tax comes in many disguises and some of us end up paying it.

But for some Canadians after tax income will increase. Because when there are more tax imposed, you get more opportunity to save on taxes.

Simple Tax Planning, organizing your sources of income and accounting for all allowable employment and business related expenses can increase after tax income by 20% or more.

This is a great opportunity for anyone, who wants to take a bigger after tax income home to consult an expert tax planner and take proactive steps to pay only fair share of his taxes.