Szczepski, Racolta, Jensen & Co. LLP is a full service accounting firm providing expertise in accounting, tax, assurance, financial & estate planning, as well as business advisory services.
The 30% OFF Ontario Tuition Grant
This is money you don’t have to repay, for students entering college or university. For details, including eligibility and application, click here.
The Tax Free Savings Account (TFSA)
The TFSA allows Canadians to set money aside tax-free. It’s a great way to save for short and long-term goals. The annual TFSA limit for 2013 is $5,500 (up from 5,000 in previous years). For details, click here.
Ontario Business Tax Credits
There are a number of tax credits available for small businesses in Ontario. For details, click here.
Elimination of the Penny
Effective February 4, 2013, the Royal Mint will no longer distribute the one cent coin. Cash transactions will be rounded to the nearest nickel. Non-cash transactions will not be effected.
Employment Insurance (EI) Rate for 2013
The EI rate for 2013 will be 1.88%, with maximum insurable earnings of $47,400 (up from 1.83% and $45,900 in 2012).
CPP Pensionable Earnings for 2013
The 2013 pensionable earnings for 2013 will be $51,100 (up from $50,100 in 2012). The maximum contribution for 2013 will be $2,356.20 for employees and $4,712.40 for self-employed.