The province will be holding two Tax Information Forums for small and medium sized businesses during the last week of October and the first week of November. The Forums, which are free of charge, enable taxpayers to meet with and obtain information from representatives of the following government departments or agencies: the Canada Revenue Agency, […]

The Ontario Ministry of Revenue has announced that payments to eligible small businesses in the province under the Small Business Transition Support program will commence during the last week of October 2010. The program provides eligible small businesses in the province with payments which are intended to help offset costs incurred in the transition to […]

Earlier this year, the government of Ontario announced that it would be pursuing reforms to provincial pension legislation with the goal of strengthening retirement income security for Ontario residents. The government has now released a discussion paper, which is available at http://www.fin.gov.on.ca/en/consultations/pension/ris.html and is asking for input, before November 29, on the proposals made in […]

First-time homebuyers in Ontario may receive a refund of part or all of the land transfer tax (LTT) paid on their home purchase, to a maximum refund of $2,000. If the refund is claimed when the home transfer is registered, it can reduce the LTT which would usually be payable at that time. Otherwise, the […]

Earlier this year, the Ontario government announced the creation of a children’s activity tax credit. Under that program, which has now been approved by the provincial legislature, parents can receive, for 2010 and subsequent years, a refundable tax credit of up to $50 per child under the age of 16 and up to $100 per […]

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 […]

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 […]

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 […]

Taxpayers in Ontario who are eligible for the provincial sales tax transition benefit should now be receiving the second instalment of that benefit, which was issued on December 10, 2010. In order to be eligible for the December benefit payment, taxpayers must have filed a 2009 income tax return and must have been resident in […]

The Ontario Ministry of Revenue has announced that the deadline for northern residents to make payments for their final 2010 Provincial Land Tax bill has been extended. Accordingly, the December 3, 2010 deadline for instalment payments has been extended to January 31, 2011 and the December 17, 2010 deadline for such payments is extended to […]

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 […]

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%.