Web Editor

Author Archives

  • ON – Economic update provides electricity cost rebate for Ontario consumers

    Ontario’s Minister of Finance brought down the province’s fall economic update on November 18. As part of that update, the Minister announced the creation of the Ontario Clean Energy Benefit (OCEB). Under the OCEB program, Ontario electricity consumers will receive a 10 percent rebate of their costs for electricity, starting in January 2011. The rebate […]

  • ON – Consultation process launched for 2011-12 Budget

    The province has initiated its pre-budget consultation process for the 2011-12 Budget. The announcement of the launch of the consultation process, which was included in the Fall Economic Update, can be found on the Ontario government Web site at http://www.fin.gov.on.ca/en/budget/fallstatement/2010/chapter6.html. The Minister of Finance will be meeting with individuals and groups throughout the province, and […]

  • ON – Interest Rates—2011

    The province of Ontario charges and pays interest on underpayments and overpayments of tax at rates prescribed by statute and set at the beginning of each calendar quarter. The chart below sets out the rates charged and paid for in the first quarter of 2011. Effective Interest Rate (%) Overpayments Underpayments IFTA From To General […]

  • ON – 2011 Individual Tax Rates and Brackets

    Effective January 1, 2011, the provincial tax rates and income thresholds for Ontario are as follows: 5.05% on income equal to or less than $37,774 9.15% on income between $37,774.01 and $75,550 11.16% on income over $75,550 Ontario also imposes a surtax of 20% of provincial tax over $4,078, plus 36% of provincial tax over […]

  • ON – Personal Tax Credit Amounts for 2011

    For 2011, the province will provide the following non-refundable personal tax credit amounts: Basic personal amount ……………………………..  $9,104 Spouse or common-law partner amount …………  $7,730 Age amount ………………………………………….  $4,445 Eligible dependant amount ………………………… $7,730 All credit amounts are converted to non-refundable tax credits by multiplying by 5.05%.    

  • ON – 2011 Corporate Tax Rates

    Effective January 1, 2011, Ontario will levy a general corporate tax rate of 12%, with that rate currently scheduled to be reduced to 11.5% effective July 1, 2011.The small business threshold is $500,000,   and qualifying small business income under that threshold is taxed at a rate of 4.5%. The tax rate applied to qualifying manufacturing […]