Employee vs. Self- Employed – Differences for Tax Purposes

Employee vs. Self- EmployedDetermining whether an individual is an employee or an independent contractor has crucial implications for legal and tax purposes. Individuals need to determine their employment status to classify income as either…

Income Sprinkling changes 2018

Changes 2018 – Income Sprinkling  What is income sprinkling?Income sprinkling is a strategy used by higher income small business owners to redirect their income to other, lower income family members, through payment of dividends.…

Canada Revenue Agency announces maximum pensionable earnings for 2018

 The maximum pensionable earnings under the Canada Pension Plan (CPP) for 2018 will be $55,900—up from $55,300 in 2017. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average…

PAYROLL CPP AND EI RATES - 2018

Payroll Canadian Pension Plan (CPP) and Employment insurance (EI) rates for Employees and Employers. Federal EI premium rates and maximums  Year Maximum Annual Insurable Earnings Rate(%) Maximum Annual Employee Premium Maximum…

Proposed Tax Changes for 2018?

  What are the proposed changes for 2018? One of the changes that will affect small business owner’s in 2018 The latest plan for the liberal government to close the loophole which the government says have allowed business owners to…