MANAGEMENT CONSULTANTS INC. SUMMER 2004 NEWSLETTER
Summer 2004 E-NOTES
To print the Summer 2004 E-notes click here:
SUMMER OFFICE HOURS
A reminder that the office will be closed on Fridays until September 10. The office
will be closed August 2 to August 6 inclusive. We have recently updated our after hours
voice mail. We will be reviewing our messages frequently whenever the office is closed.
STATUTORY (PUBLIC) HOLIDAYS
A reminder that Canada Day, July 1 and Labour Day, September 6 are Public Holidays in
Ontario. The Civic Holiday, August 2, is not a paid Public Holiday.
ONTARIO HEALTH PREMIUM
As a result of the Provincial Liberal government the citizens of Ontario are now
obligated to pay their own, individual Health Premium. The existing Employers Health Tax
remains in effect and at the same rates.
For calendar 2004 the premiums are one half of the yearly costs. The actual per income
rates are very complex as the increases are phased in on a percentage basis at each
threshold. The basic thresholds and rates are as follows;
$19,999 taxable income or less $0 health premium.
$20,000 to $24,000 taxable income $60 to $240 health premium
$25,000 to $36,000 $300 health premium
$36,500 to $38,000 $330 to $420 health premium
$38,500 to $48,000 $450 health premium
$48,100 to $48,500 $475 to $575 health premium
$48,600 to $72,000 $600 health premium
$72,100 to $72,500 $625 to $725 health premium
$72,600 to $200,000 $750 health premium
$200,100 to $200,500 $775 to $875 health premium
$200,600 taxable income or more $900 health premium
Now the tricky part is that these premiums are collected as additional Ontario taxes
and do not show up separately as a payroll deduction. Salaried employees will see a
reduction of their net pay on their first pay in July. Unfortunately the employee will not
have the Health Premium shown as a separate deduction on their payroll stub. Fortunately
there are no additional forms to complete as an employer.
This Health Premium is based on the taxpayers taxable income which means
that dividends, interest, rental and other income sources will now incur the premium at
the incremental rate. The average business owner in Ontario will likely be liable for
additional health premiums upon filing their personal tax returns.
PERMANENCE OF CHANGE SEMINAR PART TWO
We are finalizing the package options presently and have some preliminary pricing.
Based on the surveys from last year there will not be any sharing of accommodations, only
singles or couples. We will send out an information sheet the middle of July for
completion and return by August 20. The pricing and options will be similar to last years
package however we are still open still open to suggestions for one additional seminar
FORKLIFTS FOR SALE
Unbelievable deals here at Ruffins head office. Two mint condition forklifts for
1974 Allis Chalmers 48 volt, 4,000 lb electric forklift. Power steering, side shift,
12 lift, 600 volt 3 phase charger included only $1,750.
1988 Clark 3 wheel 24 volt, 3,000 lb electric forklift. Power steering, 12 lift,
600 volt 3 phase electronic charger included only $2,500.
Please contact myself or Mark Reynolds at 905 774 7079 for more information.