Question:
I have noticed that Retireware will calculate a decreasing amount of income tax payable annually.
What are the underlying assumptions for calculating income taxes? Does the program use current year income tax rates and income brackets, and then escalate the income brackets with inflation?
Answer:
The program calculates income tax based on the current year rates, thresholds and deductibles, and assumes escalation of brackets even for provinces that do so on an ad hoc basis.
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