Did you know that the Canada Pension Plan contribution rates have risen starting January 2019? https://t.co/j9hfofJTaO
Tax: What’s New in 2019?in Canadian Government News and Updates
- Small Business Tax Rate: Last January 1st, 2018, the federal government cut the small business rate from 10.5% to 10%. Starting January 1st, 2019, there will be a further reduction of the small business tax rate to 9%. Because of this tax rate cut, the combined federal-provincial-territorial average income tax rate for small businesses will be 12.2%.
- Replacement of the Working Income Tax Benefit: Starting 2019, the Canada Workers Benefit will replace the Working Income Tax Benefit. According to the federal government, the CWB will put more money in the pockets of low-income workers and will be more accessible than the WITB. Canadians will be receiving CWB benefits in early 2020 when they file their 2019 tax returns.