• Quebec’s lowest income tax bracket drops from 16% to 15% • Federal small business tax rate drops to 10% from 10.5% • British Columbia cuts Medical Services Premium in half and hikes taxes on high income earners • Bracket creep rem
Quebec’s lowest income tax bracket drops from 16% to 15%
Federal small business tax rate drops to 10% from 10.5%
British Columbia cuts Medical Services Premium in half and hikes taxes on high income earners
Bracket creep remains a problem in several provinces
Carbon tax hikes in Alberta, while new carbon taxes loom on the horizon nationally
OTTAWA, ON: The Canadian Taxpayers Federation (CTF) has released its annual report crunching the numbers on new year’s tax changes for Canadians, most of whom will only see minor changes in their tax bill for 2018.
Federally, Employment Insurance (EI) premiums will rise slightly, costing employees and employers an additional $9 and $13 per year, respectively. The indexation of the Canada Child Benefit (CCB) will also come into force on July 1, 2018, leading to a slight decrease in payments to eligible families on January 1st.
