1. Elimination of the Additional Contribution for Childcare
Gradual elimination of the additional contribution for childcare over four years starting in 2019. Families with income below $78,320 will no longer pay the additional contribution and those over that threshold will pay a lower contribution not exceeding $13.20 a day.
2. Worker Retention
To encourage small and medium-sized businesses to retain workers aged 60 years and older, the budget proposes a refund of payroll taxes equal to 50% of the payroll taxes for workers aged 60-64 to a maximum of $1,250 and 75% for workers aged 65 and older to a maximum of $1,875.
3. Enhancement of the Tax Credit Ceiling on Excess Work Income
For workers aged 60-64, the tax credit ceiling on excess work income will now apply to $10,000 of work income starting in 2019.
4. Enhancement of the Tax Holiday for Large Investment Projects
The capital investment threshold for the tax holiday for large investment projects in designated regions is reduced from $75M to $50M. Eligible large investment projects benefit from a 15-year tax holiday on income and on the Health Services Fund.
Do not hesitate to contact our team for any specific questions relating to measures from the budget that impact you or your business.