New tax changes to affect small business, gasoline, CPP
Starting in 2019, Canadians can expect to see higher taxes and government payments at several levels. The Canada Pension Plan, or CPP, will see mandatory contribution rates rise with the new year. Additionally, some passive income being held by small businesses will be subject to higher taxation rates than in previous years. This is meant to encourage reinvestment of such income. Finally, taxes on fossil fuels will rise with some experts predicting Canadians will pay as much as 4 cents per liter of gas more at the pump.
“A whole host of federal tax changes come into effect in the new year. Some will hit your paycheque, others your bills — and if you’re a small business owner, there are a couple of changes coming for which you’ve likely been preparing for months.”