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Federal tax changes coming into effect as new year begins includes a hike in CPP premiums

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Workers will see an increase in Canada Pension Plan premiums coming off their paycheques — the first of five years of hikes to pay for enhancements to the pension plan./iStockphoto

OTTAWA — The new year brings with it tax changes at the federal level that will affect just about every Canadian, as well as small businesses.

One of the first changes workers will see is an increase in Canada Pension Plan premiums coming off their paycheques — the first of five years of hikes to pay for enhancements to the pension plan.

Employment Insurance premiums, on the other hand, will drop by four cents for every $100 of insurable earnings.

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