Several tax measures announced in the last federal budget will come into effect this week. Here are two that were announced in September:
For instance, Canadian manufacturers will benefit from an extended two-year tax break for the purchase of new equipment and machinery.
??Finance Minister Jim Flaherty said the two-year extension of the temporary accelerated capital cost allowance? would bring in $1.4 billion in tax relief for Canadian manufacturers.
??According to Flaherty, 25,000 businesses in Canada used the the accelerated capital cost allowance to write off the purchase of new investments and machinery since the federal government first introduced the measure in 2007.
A three year-freeze on employment insurance premiums for employers and employees will go into effect this week.
Employees currently pay $1.88 per $100 of earnings up to a maximum annual EI premium of $891.12, while employers pay $2.63 per $100 to a maximum $1,247.57, based on a maximum annual insurable earnings of $47,400.
But maximum insurable earnings will rise to $48,600 in 2014, which means higher-income employees will still pay more in premiums next year, just not as much as they would have under the planned increase. ??
Businesses that hide sales using "zapper" software will be fined $5,000 on a first infraction and $50,000 on any subsequent infraction. ??
??The government will also fine anyone in possession of the software up to $50,000, as well as anyone developing or selling the software up to a fine of $100,000.?
It will now be a criminal offence to use, develop, or sell the "zapper" software. A criminal offence will carry a fine of up to $1 million and a prison term of up to five years.
