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There are a number of changes that have taken place when we rang in the new year a few days ago in terms of taxes, laws and wages. Here are some of the most significant changes:- Starting 2018, the small business tax rate dropped from 10.5% to 10%.- EI premiums have slightly increased by about $6 in new costs for the average worker and $13 per employee for the average employer.- 2018 marks the return of the sponsorship program after closing down due to backlogs.- Ontario's minimum hourly wage increase took effect last January 1, 2018 from $11.60 to $14.- Alberta's...
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In light of last month’s announcement regarding proposed tax measures to address the tax planning strategies used by private corporations by the Department of Finance, we are focusing most of our blogs on this matter.  When this announcement came out, we knew that the proposed changes will affect many business owners.  Many of the small business owners will most likely pay higher taxes in the years to come if these proposed measures to address the 3 common and for now, legal tax strategies are implemented.  If you are one of these business owners who will be affected, please do read on...
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To help you prepare for the coming tax season, we have listed these tax changes for you to keep in mind when filing your tax return. Please note that some tax changes announced by the CRA are still proposals and not law.  However, if they do become law as proposed, they will be effective for 2016 or as of the dates given. Changes for Individuals: 1.    Canada Child Benefit or CCB replaced the Canada child tax benefit, the national child benefit supplement and the universal child care benefit as of July 2016.  2.    Northern residents deductions – the basic and additional...
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There have been many announced plans by Justin Trudeau’s government regarding the Canadian tax system.  For one, the new government plans to lower the income tax rate for the middle-income earners, particularly those with income above $45,000.  Another change announced is the introduction of a new tax bracket of 33% for individuals earning more than $200,000 annually, up from 29%.  The big question, whether you will be affected by the tax cut or tax hike, is “are these changes retroactive?” According to a recent Financial Post article by Jamie Golombek, “Will Justin Trudeau’s tax changes be retroactive? Don’t rule it out,”...
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