Start paying up
Once the clock strikes midnight on Dec. 31, Canadians will be paying more payroll taxes, says the Canadian Taxpayers Federation.
The combined increase of 4.84 per cent is the highest since 2002.
Employment Insurance premiums will increase 5 cents per $100 insurable earnings, however, there will be no change to the Canadian Pension Plan contribution rate.
So what are your thoughts on this? Doesn’t it always seem the more money citizens make the more gets taken out in taxes?
There are always pros and cons when the debate over tax increases is mentioned.
One positive is starting a PHSP plan with CustomCare. Just imagine, putting aside $3,500 for each employee’s health and dental plan, and at the end of the day, that money is tax free for your employees and 100% tax deductable for you.
Click here to read more about our great tax saving health and dental plans for small business owners.
Thousands of company’s across Canada have saved millions of dollars in taxes annually, year after year, by using a CustomCare Plan. As a proven leader in personalized service, CustomCare is the only company in the industry that returns reimbursement cheques within 5 days of receiving accurate claims submissions.
