Entries by KHGrandForks

TAX CHANGES FOR 2018

There are few changes to personal income taxes in 2018. Most personal tax rates remained the same in 2018 as compared to 2017. There was a change in the provincial tax rate on income over $150,000, which has been increased by 2.1% for ordinary income over that threshold. There has also been an increase in […]

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 […]