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New Tax Information for 2022
A new year means new tax information! The Canada Revenue Agency (CRA) can make adjustments to how you file, so it’s important to stay top-of-mind of any changes to make sure you’re filing your taxes properly and getting the best return!
Here are some general changes across Canada:
- Canadian Pension Plan (CPP) is Increasing. Both employers and employees can expect to have a little more taken off for CPP — an extra $333, to be exact.
- Employment Insurance is Increasing. But not by much! If you’re an employee, you’ll only be contributing $63 more from last year and $89 if you’re an employer.
- Introduction of Luxury Tax. If you’re buying any high-end cars, boats or private plans with a value of over $100,000, you might have to pay a luxury tax. If this was in your plan, you might want to look up more information to find out exactly how you’ll be taxed!
As a general statement, anyone making over $40,000 a year can expect to be taxed more in 2022. In addition to federal tax, every province has its own tax rules and regulations. To read more about your province and all changes, you can read the report conducted by the Canadian Taxpayers Federation.
Although these changes may seem overwhelming or scary, our experts here at Mowbrey Gil are ready to help you with all your accounting needs and get you best prepared for the tax season. Save time and money — see our list of services!
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