January 3, 2018
On January 1, 2018, many people across Ontario will see their wages rise to $14 an hour as the new general minimum wage takes effect.
Government of Ontario believes an estimated 55 per cent of all retail workers in the province will be getting a raise on January 1, 2018.
Provisions of the province's Fair Workplaces Better Jobs Act include.
Department of Finance Canada- Dec 22, 2017
The Department of Finance Canada today announced the income tax deduction limits and expense benefit rates that will apply in 2018 when using an automobile for business purposes. Most of the limits and rates that applied in 2017 will continue to apply in 2018, with two changes taking effect as of 2018:
The amount of this benefit is intended to reflect the costs of operating an automobile. The additional benefit of having an employer-provided vehicle available for personal use (i.e., the automobile standby charge) is calculated separately based on capital costs and is also included in the employee's income.
The following limits from 2017 will remain in place for 2018:
Effective January 1, 2018, the small business tax rate is proposed to be reduced from 10.5% Federally to 10 per cent, as a first step toward lowering it to 9 per cent in 2019. The Ontario Rate for small business remains at 4.5% in addition to the Federal Rate.
This intended reduction will provide a small business with up to $7,500 in federal tax savings per year in 2019 for those corporations earning $500,000 of small business deduction. With the small business tax cut, entrepreneurs can retain more of their earnings to reinvest, supporting the growth of their business and job creation.
2018 WSIB Maximum Insurable Earnings Ceiling is $90,300 up from $88,500 or $1,800 higher versus 2017
The WSIB Maximum Insurable Earnings Ceiling for 2018 is $90,300 (2017 is $88,500). Changes to the Maximum Insurable Earnings Ceiling are directly linked to changes in average earnings in Ontario as measured by Statistics Canada, and provisions under the Workplace Safety and Insurance Act. The minimum premiums for workers to use is a wage of $30,100 in 2018.