In Alberta, Saskatchewan, Manitoba, Ontario and Newfoundland and Labrador the increases occur October 1. The new rates are:
•Manitoba: $11.15/hr (general), $13.40 (security guards)
•Ontario: $11.60/hr (general), $10.90 (Students), $10.10 (Liquor Servers), $12.80 (homeworkers)
•Newfoundland and Labrador: $11.00/hr
Check your with payroll service provider to make sure you are in compliance before.
Employers are responsible for withholding and remitting source deductions on payments to their employees. This principle becomes tricky to apply when the employer is a complex corporate structure made up of multiple legal entities. Questions about which entity is liable to deduct and remit source deductions to the CRA may occur when labour is shared among the group and the employer of record struggles financially and the others are doing well.
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To start there is a great deal of talk about modernizing NAFTA, improving the agreement to add provisions on trade in services, digital commerce, intellectual property and even reference to establishing “strong and enforceable environmental obligations” and other things that, subject to careful reading, could be acceptable as a basis for negotiations.
Since the start of May, the dollar has gained nearly 10 per cent through June and July, topping the 80 cent US market on July 24 - buoyed by a series of strong data points about the Canadian economy, including a strong job market, rising retail sales and increases in manufacturing output.
Bill Morneau – Finance Minister is to unveil a package of proposed reforms - part of an commitment to crack down on tax avoidance and evasion.
“There are signs that our system isn’t working as well as it should, specifically when it comes to private corporations,” writes Morneau. “There is evidence that some may be using corporate structures to avoid paying their fair share, rather than to invest in their business and maintain their competitive advantage.”
The following tax measures were included in this replaces the Caregiver Amount, Family Caregiver Amount, and the Amount for Infirm Dependants over age 18. Many taxpayers caring for infirm dependents will see little change, although there will be some differences such as:
Under the program as it stands, taxpayers may come forward voluntarily to tell CRA about omissions or mistakes made in reporting income tax, excise tax and duties, source deductions, GST/HST. CRA is using some of its close to $1 billion in new funding to crack down on tax cheats and limit the breadth of the VDP.
The government is inviting input from Canadians on proposed new rules up to July 17, 2017, you can submit your thoughts.
The government will be putting steps in place to avoid the possibility of failure or bailouts required to prop up the major banks. Consistent with international standards, Canada has begun implementing measures to safeguard the stability of the financial system and to protect taxpayers.
Debt is the number-one financial issue in Canada today, and it could get more urgent for mortgage holders and business owners who have significant debt. The concern is that even the slightest increase could hurt those who have depended on low-interest credit. SMEs represent 97% of the businesses in Canada, contribute 30% of their native province’s GDP and provide 70% of private employment. This could mean a loss of jobs, a decline in productivity and increased prices for consumers. It also could result in unmanageable debt causing some SMEs to fail completely.