Paul Babber and Associates (www.pbaltd.ca), a premier accounting and tax consultation firm in the Greater Toronto Area (GTA), is weighing in on the predicted changes to the small business tax rate and what the Trudeau government's plans will mean for Canadians.
The Liberal government has pledged to revise small business tax rules and wants to ensure that their plan does not inadvertently aid wealthy citizens who set up "shell" businesses to reduce their personal income tax amounts. This is a heightened concern in light of the tax increase that will be imposed on the country's top one percent. (Source: Curry, B. “Uncertainty looms for small-business owners as Ottawa rolls our tax reforms,” The Globe and Mail web site, December 8, 2015;...
more
Monthly Archives: December 2015
Bookkeeping Benefits for Your Toronto Business
Bookkeepers are useful to employ for any business because they offer an ongoing way to track and monitor expenses. However, there are often a few hesitancies when it comes to deciding whether or not to hire such an individual. The task may not immediately seem like one that requires a new staff member, or there may be concerns about letting a third party know about the inner workings of your business. These are natural concerns but ones that are hard to maintain when the full business benefits of a bookkeeper are realized.
Opportunity Costs
Any time you spend trying to manage your own bookkeeping is time that could be spent growing...and Associates Ltd. Predicts Results of Liberal Tax Plan">Paul Babber and Associates Ltd. Predicts Results of Liberal Tax Plan
Toronto, Canada, December 9, 2015 – Paul Babber and Associates Ltd. (www.pbaltd.ca), a premier accounting and tax consultation firm in the Greater Toronto Area (GTA), comments on who will be affected most when the Liberal government enacts their planned tax changes.
With Parliament fully resumed, it is expected that a tax bill in line with Prime Minister Justin Trudeau's campaign pledges will be introduced within the coming weeks.
"There are currently four main income tax brackets under the existing system," explains Paul Babber, the CEO and president of Paul Babber and Associates Ltd. "The middle income bracket—between $44,701 and $89,401—is expected to be the target of a rate reduction."
The current income tax rate on this segment is 22%. Under...
more