Projected Taxation

The Projected Taxation report is designed as a client friendly summary of the Taxation Ledger within the software.

!All values displayed in the Ledger are end-of-year (Dec 31st)

The Projected Taxation Ledger focuses on all retirement years.

Total Taxable Income – Total taxable income from all sources.
Basic Tax Payable – Taxes payable on the Total Taxable Income.
Recovery Tax – OAS and Age Credit clawback amounts.
Total Taxes – Total of Basic Tax Payable and Recover Tax.
Paid at Source – Taxes withheld at source (withholding tax).
Paid by Installment – If the taxes paid at source was insufficient at the end of the year, this represents amounts paid by investments.
Shortfall – If the taxes paid at source was insufficient at the end of the year and no investments remain, this represents an amount borrowed to cover shortfalls in taxes and will be displayed as a negative. Positive amounts represent situations where tax paid at source was higher than the total taxes owed and a refund is paid.