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Canadian paycheques will be lighter Jan. 1
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The Canadian Press
Even without major tax hikes, Canadians' take-home pay will get a little lighter starting Jan. 1.
The Canadian Taxpayers Federation says premium hikes for employment insurance and the Canada Pension Plan will take about $306 out of the pockets of both workers and employers in 2012.
Workers are seeing their EI premiums rise by five cents per $100 of insurable earnings to $1.83 on Jan. 1, while the maximum insurable pay increases to $45,900 from $44,200. In addition, the maximum pensionable earnings rise to $50,100 from $48,300.
That will take about $142 from employee paycheques who qualify for the maximum over the year. The hit on employers is slightly more, $164.
The biggest tax difference this year, however, is in the corporate tax rate.
Starting in the new year, businesses will see their income tax rate drop to 15 per cent from 16.5 per cent, mostly achieving the federal government's goal to drive the federal-provincial rate to 25 per cent nationally.
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