Two quarterly newsletters have been added—one dealing with personal issues, and one dealing with corporate issues.
January 2021 - Akler Browning LLP
Latest news and regulations from the financial world.
The Employment Insurance premium rate for 2021 is unchanged at 1.58%.
The Quebec Pension Plan contribution rate for 2021 is set at 5.9% of pensionable earnings for the year.
The Canada Pension Plan contribution rate for 2021 is set at 5.45% of pensionable earnings for the year.
Dollar amounts on which individual non-refundable federal tax credits for 2021 are based, and the actual tax credit claimable, will be as follows:
The indexing factor for federal tax credits and brackets for 2021 is 1%. The following federal tax rates and brackets will be in effect for individuals for the 2021 tax year.
Each new tax year brings with it a listing of tax payment and filing deadlines, as well as some changes with respect to tax planning strategies. Some of the more significant dates and changes for individual taxpayers for 2021 are listed below.
Planning for – or even thinking about – next year’s taxes when it’s not yet even mid-December may seem more than a little premature. However, most Canadians will start paying their taxes for 2021 with the first paycheque they receive in January, and it’s worth taking a bit of time to make sure that things start off – and stay – on the right foot.
During the month of December, it’s customary for employers to provide something “extra” for their employees, by way of a holiday gift, a year-end bonus or an employer-sponsored social event.
While Canadians benefit from a publicly funded health care system, there are nonetheless a significant (and increasing) number of medical and para-medical expenses which are not covered by provincial health care plans. As well, an increasing number of Canadians – who may work on contract or who hold several part-time jobs - do not have private insurance coverage for such costs through their employer.