[Canada] Trudeau to raise payroll tax again in New Year

Canadian Prime Minister Justin Trudeau will be ringing in the New Year with a series of tax hikes. Increases to payroll tax, a carbon tax rise and alcohol tax bumps will take effect in 2024, Toronto Sun reports.

Canadian workers will be paying higher payroll taxes due to the mandatory rising Canada Pension Plan and Employment Insurance contributions.

Employees earning $73,200 or more will reportedly be paying an extra $347 in payroll taxes in 2024, with a total tax bill of $5,104. While employers will pay over $5,524 in the New Year.

In addition, a digital services tax (DST) is on its way. The new tax targets social media platforms, companies operating digital marketplaces and businesses earning revenue from online advertising, such as Amazon, Google, Facebook, Uber and Airbnb.

Consumers should expect prices to rise in the wake of the tax. Following the implementation of the 3 per cent DST in France, Amazon reportedly increased its commission charge to French vendors by the same amount.

Source: Toronto Sun

Canadian Prime Minister Justin Trudeau will be ringing in the New Year with a series of tax hikes. Increases to payroll tax, a carbon tax rise and alcohol tax bumps will take effect in 2024, Toronto Sun reports.

Canadian workers will be paying higher payroll taxes due to the mandatory rising Canada Pension Plan and Employment Insurance contributions.

Employees earning $73,200 or more will reportedly be paying an extra $347 in payroll taxes in 2024, with a total tax bill of $5,104. While employers will pay over $5,524 in the New Year.

In addition, a digital services tax (DST) is on its way. The new tax targets social media platforms, companies operating digital marketplaces and businesses earning revenue from online advertising, such as Amazon, Google, Facebook, Uber and Airbnb.

Consumers should expect prices to rise in the wake of the tax. Following the implementation of the 3 per cent DST in France, Amazon reportedly increased its commission charge to French vendors by the same amount.

Source: Toronto Sun