New Laws and Rules in Canada in 2023 Part 1
New laws and rules have come into effect in Canada in 2023, covering various topics
The New laws and rules cover topics such as property ownership, payroll taxes, and minimum wage rates, as well as changes to Tax-Free Savings Account (TFSA) contribution limits and the federal carbon pricing system.
New Laws and Rules in Canada in 2023 Part 1
Increases to payroll taxes (Higher payroll deductions)
Year CPP Contribution Rate Max Employee Contribution to CPP EI Premium 2022 5.70% $3,499.80 $952.74 2023 5.95% $3,754.45 $1,002.45 (Up to $305 less in annual take-home income)
Property ban for non-Canadians
The Canadian government passed the Prohibition on the Purchase of Residential Property by Non-Canadians Act in 2022. The Act comes into force on January 1, 2023, and prohibits non-Canadians from purchasing (directly or indirectly) residential real estate in Canada for a period of two years.
TFSA contribution limit increase
The annual contribution limit for Tax-Free Savings Accounts (TFSAs) for the first time has increased to $6,500 for 2023 from $6000 since 2019. (Canada123.net. All rights reserved. Unauthorized reproduction is prohibited. Reposting requires attribution to this site and the URL of this article. Violators will be prosecuted.)
Carbon price increase
The federal government’s carbon pricing is set to increase from $50 per tonne to $65 per tonne on April 1, 2023. The Canadian Taxpayers’ Federation says that will increase the current 11.05 cents per litre carbon price to 14.31 cents per litre of gas. The clean fuel regulations set to take effect on July 1, 2023 are expected to increase the price of gas.
Changes to post-jury duty care
Canadians who face mental health challenges as a result of fulfilling their jury duties will be allowed to discuss their jury work with a mental health professional. Jury selection can be done via videoconferencing as of Jan. 14, among other changes to the criminal justice system meant to streamline the process.
New rules for operating trucks, buses
As of Jan. 1, 2023, trucks and buses travelling between provinces and territories must have electronic devices to log the number of hours drivers spend on the road, but do not relying on paper log books.
Please get more details from the CTV News.
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