Entries by KHGrandForks

CRA INTEREST RATES RISING

The interest rate charged by the Canada Revenue Agency (CRA) on late payments was raised in 2018 for the first time since April, 2009. The rate was reduced to 5% in the early days of the financial crisis, and has remained there for 9 years. Effective April, 2018, the rate climbed to 6%. Every three months […]

DID YOU KNOW…

A recent report by the Auditor General found that there are  several issues with Canada Revenue Agency call centres. There are nine such call centres across Canada. Of the 53.5 million calls made to call centres, 29 million did not go through, and it took callers on average 3 to 4 attempts to get through. […]

EMPLOYMENT INSURANCE RATES REDUCED

The 2019 Employment Insurance (EI) Premium rate will be going down in 2018. The rate will be decreasing from $1.66 to $1.62 for every $100 of insurable earnings. This will be the lowest EI premium rate since 1980. The decrease in the effective rate for employers will be slightly greater, as employers pay 1.4 times […]

CORPORATE TAX RATE DROPPING IN 2019

Corporate tax rates will continue to decrease in 2019 for small businesses. The small business tax rate applies on the first $500,000 of active income that is earned by a qualifying small business corporation. The tax rate on this income in British Columbia will be reduced to 11%. This drop will represent the final annual […]

DID YOU KNOW…

If a taxpayer is a resident of Canada, and they receive United States Social Security benefits, they must report these benefits on their personal tax return in Canada. As a result of the tax treaty between Canada and the United States, a taxpayer only has to pay tax on 85% of the benefits they receive. If […]