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Takes Root |
Canadians ring in new year with tax hike
2011-12-29
OTTAWA - If you feel a hand grabbing at your wallet next week, calling the cops won't do any good because it's the federal government picking your pocket.
It's that time of year again when the bean counters at the Canada Revenue Agency, with the blessing of their political masters, stick it to hardworking Canadians while giving corporations a New Year's bonus.
The New Year's Day hike will see employers and employees pay more into employment insurance and the Canada Pension Plan for a combined total of $306 in additional payroll taxes for working stiffs, says the Canadian Taxpayers Federation.
Employees will see an increase in the EI rate to 1.83% from 1.78%, an increase in the EI maximum insurable earnings to $45,900 from $44,200 and an increase in the CPP maximum pensionable earnings to $50,100 from $48,300.
That works out to $142 more for workers.
On the employer side, businesses will pay 2.56% in EI rates — up from 2.46% — and corresponding increases in maximum EI and CPP amounts for a total of $164. The CPP increase is based on inflation.
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The EI increase amounts to a nickel per $100 of insurable earnings for workers and seven cents per $100 dollars for employers.
It could have been higher had Finance Minister Jim Flaherty carried through with a proposal from a hand-picked government body that called for three times the EI rate hike that goes into effect Monday.
"Payroll taxes are going up because the federal government has yet to tackle our broken EI program," said Greg Thomas, the Canadian Taxpayer Federation's executive director.
"If we don't want higher, job-killing payroll taxes, then we have to redraw the EI program from the bottom up."
Things are likely only to get worse in 2012 as the government looks to find annual savings of $4 billion in the next few years to meet its floating target to erase the deficit, which is forecast to be $31 billion through next year.
Departments and agencies could see budgets cuts by as much as 10% — a move public sector unions fear will lead to reams of pink slips and shoddy service beyond what some experience now, especially those entitled to EI benefits.
And compounding the government's search for cash is its decision to lower corporate tax rates to 15% next week from 16.5% — a move that will cost the federal treasury billions in revenues.
The government argues cutting corporate taxes lures new investment and creates jobs.
Twitter: MarkDunnSun