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Ontario Personal Tax Increase

NOTICE REGARDING CANADA REVENUE AGENCY/ONTARIO GOVERNMENT IMPLEMENTATION OF PERSONAL TAX INCREASES FOR EMPLOYEES EARNING OVER $150,000 ANNUALLY

The Canada Revenue Agency (CRA) and the Ontario Government announced a personal tax increase as part of the July 2014 Budget. The personal tax increases apply to employees earning over $150,000 per year and is retroactive to January 1, 2014 ? see tax rate tables below.

Because of the tax increases are retroactive to January 1, 2014, employers are obligated to collect the increased taxes payable for the period of January 1, 2014 ? August 31, 2014 during the remaining months of the calendar year (September 2014 to December 2014).

Queen?s employees affected by this change will notice on their September 2014 pay an increase in tax deducted ? a range of 3% to 6% depending on annual earnings. This is as a result of the implementation of the new tax rate table and the effect of the collection of the tax increase retroactively.

Effective January 1, 2015, the CRA/Ontario Government will issue a new provincial tax rate table. Queen?s Human Resources will communicate the 2015 provincial tax rate table as soon as it is made available to us.

If you have any questions regarding the above information, please contact your Client Service Advisor.

Ontario Tax Chart

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