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Wealth Professional | 13 Jul 2015, 07:01 AM Agree 0
At last – Greece reaches deal with creditors... BP faces billions of extra costs from Gulf of Mexico spill... OPEC says oil market to be more balanced in 2016... Future entrepreneurs to benefit from a $60 million gift...
  • Mark Matsumoto | 13 Jul 2015, 08:57 AM Agree 0
    There will be no help for Ontario entrepreneurs in the future. Most small businesses are started with an individual's savings and have to get through a tough start up period.
    The individuals have to pay both employer and employer portion of CPP which is 4.8% x 2 or 9.6% of income and now Ontario is planning on starting it's own defined benefit pension with costs starting at 1.9% x 2. This means that entrepreneurs will have to pay mandatory 13.4% premium/ tax on top of income taxes.
    Ontario says that they are not going to invest the money but spend it on infrastructure, so it is just another tax in disguise! A bridge or road that wears out won't give us a retirement income.
    The lowest Ontario tax bracket is 5.05% so 3.6% is a very significant tax grab. Looks like about a 70% increase!

    Please don't vote for the Liberals again or start looking for an exit from Ontario strategy.
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