Tax Alerts

Liberal Tax Rate Changes Announced


Today the Liberals revealed the details on its ‘Tax Cut to Strengthen the Middle Class’ by reducing the federal tax bracket from 22% to 20.5% on incomes between $45,282 and $90,563 for the 2016 year. Those with incomes over $200,000 will pay more tax at a federal rate of 33%. Anyone with ordinary income over $45,282 and under $216,000 will benefit from this tax reduction.

Hear are some points to be aware of.

4 Common Tax Traps for Private Companies

The following are some of the common traps for small businesses:

Trap #1 - Employees receive incentive prizes from company’s vendor.

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