Tag: earnings

Federal Tax Changes coming into effect in the New Year

Ms. Ruby Sahota, Member of Parliament for Brampton North, wants to share information about new tax  changes at the federal level that will positively affect our
middle class and those working hard to join it. These changes include:

-Decreasing the Small Business Tax rate from 10% to 9% which will provide up to $7500 in
savings for small business owners a year. When we formed government the small business tax was
11.5%; now it is one of the lowest small business tax rates in the world. Small businesses make up
98% of all Canadian businesses and employ 8 million hard working Canadians.

-Changing the Canada Pension Plan premium from 4.95% to 5.1% on earning between $3,500 and
$57,400. These enhancements will increase the maximum CPP retirement benefit by about 50%
for those who make enhanced contributions for 40 years, supporting Canadians as the cost of
living increases.

-Decreasing Employment Insurance premiums from $1.66 to $1.62 per $100 of insurable earnings.
-Increasing the Canada Workers Benefit for lower income workers, which helps low income
earners stay employed as experts say that more than half of all Canadians who live in poverty are
working. Continue reading “Federal Tax Changes coming into effect in the New Year”