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2016 Employment Insurance (EI) Maximum Insurable Earnings

|| March 5, 2016

MAXIMUM INSURABLE EARNINGS FOR 2016: On September 24, 2015, the Canada Revenue Agency announced the maximum insurable earnings  and Employment Insurance (EI) premiums for 2016. The rate remains unchanged at 1.88% for employees, and 2.632% (1.4 times of 1.88%) for employers. Contributors who earn more than $50,800 in 2016 are not required or permitted to make

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First time home buyers tax credit

|| January 27, 2016

First-Time Home Buyers’ Tax Credit (This posting is for personal educational purposes only.  Please consult your tax advisor for your specific situation).  Introduction If you have acquired a qualifying home after January 27, 2009, you may be eligible to claim $750 ($5,000 x 15%) First-time Home Buyers’ amount towards

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Universal Child Care Benefit (UCCB)

|| January 13, 2016

Starting July 1, 2016 Universal Child Care Benefit (taxable) and Canada Child Tax Benefit (tax-free) were replaced with Canada Child Benefit (tax-free) The Universal Child Care Benefit (UCCB) program was introduced in 2006 as a taxable benefit to help Canadian families.  By the end of the year 2014, Canada

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Taxpayer relief deadline for 2005 is December 31, 2015

|| December 10, 2015

Canada Revenue Agency allows taxpayer relief for the cancellation or waiver of penalties and interest when taxpayers and registrants (for both GST/HST and non-GST/HST purposes) are unable to meet their tax obligations due to circumstances beyond their control.   Taxpayers and registrants or their authorized representatives can make a taxpayer relief request. Taxpayers and

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2016 Canada Pension Plan (CPP) Maximum Pensionable Earnings

|| November 5, 2015

Maximum Pensionable Earnings for 2016: On November 2, 2015, the Canada Revenue Agency announced the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2016. The rate remains unchanged at 4.95% for employee and employer, and 9.9% for self-employed. Contributors who earn more than $54,900 in 2016 are not required or permitted

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