New year brings new tax changes
Posted Jan 2, 2013 12:00:55 AM.
This article is more than 5 years old.
OTTAWA – As with the turn of almost every year, 2013 will begin with a hit to your wallet.
Besides the bills that many people will face from pre-holiday shopping, tax and premium changes that take effect New Years Day will be felt when the first paycheques of the year arrive.
Every working Canadian will have more deducted from their pay packets thanks to increases to Canada Pension Plan and Employment Insurance premiums.
The Canadian Taxpayers Federation says EI premiums will rise by $51.50 for anyone earning just over $47-thousand.
EI premiums for employers will rise even more.
CPP premiums will go up by nearly 50 dollars for anybody earning at least $51,100.
In British Columbia, payroll health tax hikes will be felt even more.
There will also be tax increases for higher-paid Canadians in Nova Scotia, PEI, Manitoba and Ontario.
And the Quebec government will hit people in that province with multiple assaults on the pocket book, with an extra income tax bracket, hikes to health taxes for high income earners and increases in so-called sin taxes on liquor and tobacco.
