2013 Minimum Wage Changes

Several Provinces have increased or will increase their minimum wage rates in 2013. The list below details the wage rate changes taking effect in 2013.

Jurisdiction
Rate New/Current
Previous Rate
Effective Date

Alberta
$9.75
$9.40
Sept. 1, 2012

Manitoba
$10.25
$10.00
Oct. 1, 2012

New Brunswick
$10.00
$9.50
01-Apr-12

Newfoundland and Labrador
$10.00
___
01-Jul-10

Nova Scotia
$10.30
$10.15
01-Apr-13

Nova Scotia (inexperienced workers)
$9.80
$9.65
01-Apr-13

Ontario
$10.25
—
31-Mar-10

Ontario (students under 18 who work 28 hours or less/week)
$9.60
—
31-Mar-10

Ontario (serving alcohol on licensed property)
$8.90
—
31-Mar-10

Quebec
$9.90
$9.65
May 1 2012

Saskatchewan
$9.50
$9.25
Sept. […]

By |April 4th, 2013|Tax Tips|
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RESP Canada Learning Bond

The Canada Learning Bond (CLB) is part of the Canadian RESP program. Actually the CLB is a grant. The big difference between this grant and the regular RESP grants is that no contribution is required. Once you qualify, you apply, and you can receive up to $2,000 deposited in your RESP account per child. The […]

By |March 29th, 2013|SmallBiz Builder|
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Registered Educational Savings Plan (RESP)

A RESP is a savings plan for post-secondary education which allows funds to accumulate on a tax-deferred basis up to certain limits. There is no annual limit for contributions. For each beneficiary the lifetime limit on contributions is $50,000. Although there is no tax deduction, the interest and income earned within the plan is sheltered, […]

By |March 23rd, 2013|SmallBiz Builder|
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2013 Rates and Maximums Chart

CPP/QPP—2013

Year’s Maximum Pensionable Earnings
$51,100.00

Year’s Basic Exemption (by pay period type):

* Annual
$3,500.00

* Monthly (12)
$291.66

* Semi-Monthly (24)
$145.83

* Bi-Weekly (26)
$134.61

* Weekly (52)
$67.30

Maximum Contributory Earnings
$47,600.00

Contribution Rate – Employee/Employer
4.95%

Contribution Rate – Self-Employed
9.9%

Maximum Contribution – Employee/Employer
$2,356.20

Maximum Contribution – Self-Employed
$4,712.40

EMPLOYMENT INSURANCE – 2013

Maximum Annual Insurable Earnings
$47,400.00

Premium Rate (Employee)
1.88%*

Premium Rate (Employer, 1.4 x Employee)
2.632%*

Annual Maximum Premium (Employee)
$891.12*

Annual Maximum Premium (Employer)
$1,247.57*

*Unless a reduced premium […]

By |February 27th, 2013|SmallBiz Builder|
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2013 Tax System Indexation

On January 1, 2013, all indexed personal income tax amounts, including tax bracket thresholds and amounts used to calculate non-refundable tax credits, were adjusted by 2.0%. The Canada Child Tax Benefit and the goods and services tax credit will take effect July 1, 2013.

For 2013 the federal tax bracket thresholds are:

22% for taxable income above […]

By |February 13th, 2013|Tax Tips|
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To Incorporate or Not to Incorporate? – That is the Question.

So you are thinking about incorporating your small business in Alberta.  Maybe you have just started the business or maybe it has been around for a while.  If you are like most others, someone that you trust, like Uncle Sid or your sister Jane, has told you that you need to incorporate.  So what do […]

By |March 25th, 2012|SmallBiz Builder|
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Canadian Retail Inventory – The Cost of Goods Sold Challenge

This is the story of Backstop Bob. Backstop Bob owns and operates Backstop Bob’s Baseball Emporium. Backstop Bob sells baseball bats. He thinks that he has been very successful.

Every month, Bob reviews his financial statements with his accountant. Each month, he is told that he is making money. At the end of the year, he […]

By |March 11th, 2012|SmallBiz Builder|
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Canadian Business Meals – The Receipts Puzzle

So you have just landed the largest contract ever over lunch. Your customer is happy, you are happy, everyone is happy. You merrily pick up the check thinking all is well. The waiter hands you your credit card back along with your receipt. You then leave the restaurant confident that all is well.

A few days […]

By |March 2nd, 2012|SmallBiz Builder|
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Canadian Business Meals – Stuff to Know

There are three different variations that are accepted business meals. In the first variation, a meeting is held between two or more individuals to discuss business topics. A perfect example of this type of business meal would be if you and a potential customer went to a restaurant to discuss doing business together. Another example […]

By |February 19th, 2012|SmallBiz Builder|
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Balancing the books isn’t always easy

Business owners understand the importance of keeping records up-to-date. Unfortunately, pa-perwork has a habit of piling up – quickly!
PADGETT BUSINESS SERVICES now offers a solution – PADGETT CONNECT
PADGETT CONNECT is an easy-to-use business software applications package that is customized for your business. You don’t need to be a com-puter whiz or an accountant to use […]

By |December 4th, 2011|Tax Tips|
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