On April 1, 2013, British Columbia (BC) and Prince Edward Island (PEI) are implementing changes to the GST/HST. British Columbia Tax Changes Elimination of current HST (12%). Return to PST (7%) and GST (5%). Contracts that are currently charged BC HST will be subject to GST only. Any invoices/statements prepared on or after April 1st […]
Effective January 1, 2013, the Canada Revenue Agency changed the maximums as follows: 2011 2012 2013 Employment Insurance Maximum weekly benefit 468.00 485.00 501.00 Maximum annual employee contribution 786.76 839.97 891.12 Maximum annual employer contribution 1,101.46 1,175.96 1,247.57 Maximum insurable earnings 44,200.00 45,900.00 […]
Starting in 2013, the TFSA annual contribution limit increases from $5,000 to $5,500. The $5,000 annual contribution limit is indexed to inflation using the Consumer Price Index (CPI) data as reported by Statistics Canada, rounded to the nearest $500. This means that, each year, an unrounded indexed amount is calculated based on increases in the […]
On March 29, 2012 the Federal Government announced that employer-paid premiums for Accidental Death & Dismemberment (AD&D) and Critical Illness (CI) will become taxable benefits. Currently, the premiums paid by employers for AD&D and CI are non-taxable benefits to the employee. However, as of January 2013, premiums paid by the employer will be taxable to […]
Pay increases… we all love them!!! However, in today’s market compensation increases are often minimal. As an employee, that small increase can quickly dwindle after taxes and deductions. Employers are doing the best job they can at managing expenses; however, they still want to acknowledge and reward their employees. It may be a good time to think outside […]
Ahhh the new year in the Okanagan. A time for resolutions, new beginnings, new projects…and for all Canadians: changes to EI, CPP and RRSP maximums. Effective January 1, 2011, the Canadian Revenue Agency changed the maximums as follows: Employment Insurance – the maximum employer contribution is $1,101.46, the maximum employee contribution is $786.76. At the rate of […]
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