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Business Owners: Tax Rate and Ei Premiums

business owners: That reduction had been promised for some time but was brought forward as the Liberal government struggled to deal with a backlash against other proposed changes, including a plan to make it harder for small business owners to sprinkle income among family members, according to CBC. Those changes also take effect on Jan. 1, although the first time business owners will have to account for them is when they file their 2018 taxes in 2019. One welcome change for Canadian small businesses is a drop in their tax rate to 10 per cent from 10.5. At the federal level, there will be a slight increase in EI premiums, but the Canadian Taxpayers Federation estimates it will add only about 6 in new costs for the average worker and 13 per employee for the average employer. Free prescriptions for Ontario youth What's going to cost more, less, in B.C. For those who want to bring elderly parents and grandparents to Canada, 2018 brings the return of the sponsorship program that had been closed down to deal with backlogs. The government's new inflation-adjusted escalator to the excise tax on beer, wine and spirits also comes into effect this year, although taxes won't actually rise until April 1. ( As reported in the news.