Income Taxes Payable - Individuals
KNOWLEDGE EXPECTED OF: Both CFP® Professionals and QAFPTM Professionals
- Identify that the income thresholds and ranges associated with income tax brackets may increase over time due to inflation.
- Identify the deadline by when an individual is required to pay income tax owing.1
- Explain the reason why an individual may be required to make installment payments.
- Explain when installments are required for an individual.2
- Identify the deadline by when installments are payable.3
- For an individual
- For an individual with farming income
- Identify current tax brackets for an individual.4
- Estimate the combined income tax rates for an individual.
- Marginal tax rate
- Average tax rate
- Marginal effective rate
- Estimate taxes payable for an individual.
- Federal taxes
- Provincial/Territorial taxes
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