Tax: What’s New in 2019?

by in Canadian Government News and Updates
Tax:  What’s New in 2019?
Here’s what to expect in 2019:

- 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.

Source: https://www.fin.gc.ca/fin-eng.asp
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Guest Monday, 18 March 2019