In early November of 2017, the Finance Minister announced the launch of the Government of Canada’s consultations for Budget 2018. The budget consultations allowed Canadians to provide their ideas and suggestions on how the Government can go about setting up Budget 2018 to benefit all Canadian families, communities and the country. There are a number of ways that Canadians who want to share their ideas with the Government which includes in-person and digital events with the Minister of Finance and Parliamentary Secretary Joel Lightbound, events with other Parliamentarians, and online through the budget 2018 website (www.budget.gc.ca/pbc18).In a statement published on January...
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Here are some tips on how you can get ready for the tax season. 1. Keep track of all your income: You are required to report ALL of the income you have earned for the year on your income tax return. And if you fail to report an income, there is a penalty and you could possibly end up paying so much more. So it is important, if you have several streams of income aside from the employment income reported on your T4, to keep track of all of it by keeping receipts and other related documents organized. This will ensure...
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The start of the new year marks the start of the preparations for the tax season. And as business owners and employers, it is important to at least know the basics of what types of income should be included in the T4 slips and when to file them. Types of income you should report on T4 slips: - Salary, wages, tips or gratuities, bonuses, vacation pay, employment commissions, gross and insurable earnings of self-employed fishers and all other remuneration you paid to employees during the year;- Taxable benefits or allowances;- Retiring allowances;- Deduction you withheld during the year; and- Pension adjustment...
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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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