Once you have identified what your income is, you need to know what percentage you'll pay as income tax. People with a lower income pay a lower tax rate than people with a higher income. This is known as a graduated income tax system.

Federal income tax
Your income falls into one of four income tax brackets (or segments). The tax bracket is based on your taxable income—that is, your total income minus allowable deductions and exemptions, as discussed in the section titled Reducing your taxes.

Each province and territory also charges income tax in addition to the federal income tax. Their rates and tax brackets vary. The chart below shows their tax rates.

Grade 10 Accounting focuses on an accounting system for a service business. Each chapter focuses on one step of the system from the opening entry to closing the fiscal period and starting over again for the next period. There is also a lesson on GAAPs.

"Accounting Careers: Limitless Opportunities is a digital course that shows learners how an accounting background can help them achieve their career goals. Learners are exposed to the wide range of careers available in the accounting and finance space. This course covers the extensive benefits accounting skills can provide in business or in daily life, including contexts like entrepreneurship, investing, and personal finance."

Accounting covers accounting principles and practices, the complete accounting cycle and creation of financial reports. Use of the general journal and special journals, general ledger, accounts payable, accounts receivable and proper financial reporting.This course provides instruction in the basic accounting procedures used to operate a business including sole proprietorship, partnerships, and corporations. The accounting procedures presented will also serve as a sound background for employment in office jobs and preparation for further education and training. The complete accounting cycle is covered, students learn how to us generally accepted accounting principles to prepare, analyze, verify financial transactions, reports and economic information to make decisions for organizations.The course trains students in the basics of manual and computerized accounting. Students learn accounting topics including ethics, accounting principles, computing accounting, accounting terminology, job specific accounting, and clerical duties related to accounting. Students also gain real-world applications in income tax, personal finance, and stock market.

Live and on demand webinars about accounting careers and skills.

Explore online courses, webinars, podcasts and virtual classrooms on a wide range of business and accounting topics. Apply filters to narrow your results by date or topics like leadership, strategy, taxation, finance or sustainability.

Students will examine current personal money management habits by answering budgeting questions. This activity can help students realize that they are “throwing away” or saving real money based on their choices and actions. You could collect the money that “costs” them and add up the total class amount “spent” on making poor budgeting decisions. Discuss as a class how much has been wasted. Ask the students to reflect on how much money they have left. Did they “spend” all their money or end up with lots of money.

This collection features resources to support teaching Module 6C: Applying Personal Spending Plans from the Saskatchewan Financial Literacy curriculum.  In Round 1, students learn to allocate their "20 bean salary" according to which options they want to spend their beans on. Round 2 forces the students to reduce their salary to 13 beans and make decisions about where they should make their "cuts". Round 3 includes some "life happens" challenges that allow students to make more decisions on where to move the beans in order to deal with the situations. This activity completes with some reflection questions on how this activity relates to budgeting with real income.

The CPA Canada Standards and Guidance Collection is a complete electronic reference source, providing up-to-date information on accounting and assurance standards, public sector accounting standards, and much more.

For each year, the CRA provides the:

Maximum pensionable earnings
Year's basic exemption amount
Rate you use to calculate the amount of CPP contributions to deduct from your employees' remuneration
On this page
CPP contribution rates, maximums and exemptions
CPP basic exemption amount by pay period
References

This one page document shows limits and information on many Canadian tax topics including:TFSA, RRSP, Spousal RRSP, personal tax deadlines, pension amounts, US threshold information, RESP details, Registered Disability information, Canada Pension Plan, Old Age Security, Guaranteed Income Supplement, Capital Gains exception details, federal tax credits, federal tax brackets, donation information, government contact numbers and more!

For each year, the CRA provides the:

Maximum insurable earnings
Rate you use to calculate the amount of EI premiums to deduct from your employees' remuneration.
On this page
Federal EI premium rates and maximums
Quebec EI premium rates and maximums
References

This 5-minute video lesson gives a simple example of accrual accounting. [Core Finance playlist: Lesson 106 of 184]

This 3-minute video lesson explains the basics of arbitrage. [Core Finance playlist: Lesson 82 of 184]

This 4-minute video lesson looks at the relationship between balance sheets and income statements. [Core Finance playlist: Lesson 108 of 184]

This 3-minute video lesson explains basic shorting. [Core Finance playlist: Lesson 71 of 184]

This 4-minute video lesson provides a simple example of cash accounting. [Core Finance playlist: Lesson 105 of 184]

This 4-minute video lesson compares accrual and cash accounting. [Core Finance playlist: Lesson 107 of 184]

This 4-minute video lesson provides an introduction to accounts payable. [Core Finance playlist: Lesson 110 of 184]

This 8-minute video lesson provides more discussion of simple and compound interest. [Core Finance playlist: Lesson 2 of 184]