Commentary

  • 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 […]

  • ON – Online filing and payment access for Ontario businesses

    Using the provincial government’s online ONT-TAXS service, Ontario businesses can file returns and make tax payments for a number of provincial taxes. Specifically, businesses can file tax returns for Employer Health Tax, Fuel Tax, Gasoline Tax, International Fuel Tax Agreement, Tobacco Tax, and Beer and Wine Tax accounts and can make tax payments for any […]

  • ON – Province provides service guarantee for online orders

    The Ontario government has announced a commitment to provide provincial residents with documents ordered online through Service Ontario within 6 business days. Where that service commitment is not met, customers may be eligible for a refund of up to $100. The new service commitment, which is outlined on the Ontario government Web site at http://news.ontario.ca/mof/en/2011/01/publications-ordered-online-guaranteed-in-six-days.html, […]

  • ON – Province releases schedule of individual tax benefits payable during 2011

    The province of Ontario has, during the past two years, introduced a number of new tax benefits payable to residents of the province, some of those in connection with the implementation of the harmonized sales tax. The Ontario Ministry of Revenue has compiled and issued a listing of all such benefits which will be paid […]

  • ON – Province provides details of pre-budget consultation process

    The Ontario Ministry of Finance has provided details of the 2011-12 budget consultation process which was announced last fall. In order to provide Ontario residents with increased opportunities for participation, the Minister of Finance will be hosting pre-budget “telephone town halls” in a number of locations across the province. The telephone town halls will combine […]

  • ON – Beer tax rates set for March 1, 2011–February 29, 2012 sales year

    The Ontario Ministry of Revenue has published the tax rates which will apply between March 1, 2011 and February 29, 2012 to beer produced by Ontario breweries, microbreweries, and brew pubs. The tax rates, which range from 19.19 cents per litre to 70.94 cents per litre, are listed in a notice posted on the Ministry […]

  • ON – 2011 personal tax income brackets, rates and credits posted online

    The Ontario Ministry of Revenue has posted the personal income tax brackets, personal tax rates, surtax rates and thresholds, and personal tax credit amounts which will apply for the 2011 tax year on its Web site at http://www.rev.gov.on.ca/en/tax/pit/rates.html. For 2011, all personal non-refundable credit amounts are to be converted to credits which reduce provincial tax […]

  • ON – Tax Information Forums to be held by Ministry of Revenue in spring 2011

    The Ontario Ministry of Revenue has announced the dates and locations of Tax Information Forums (TIFs) to be held during the months of March, April, and May at locations throughout the province. The TIFS, which are held jointly by the Canada Revenue Agency and the Ontario Ministry of Revenue, allow Ontario businesses to obtain information […]

  • ON – 2011-12 Budget to be brought down March 29, 2011

    The provincial budget for the 2011-12 fiscal year will be brought down on Tuesday March 29, 2011 by Minister of Finance Dwight Duncan. It is expected that once the budget is announced, budget documents will be available on the Ontario Ministry of Finance Web site at http://www.fin.gov.on.ca/en/. The announcement of the budget date can be […]

  • 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 half of 2011. Effective Interest Rate (%) Overpayments Underpayments IFTA From To General […]

  • ON – No tax rate changes in 2011-12 fiscal year budget

    In the province’s 2011-12 fiscal year budget brought down on March 29, the Ontario Minister of Finance announced that the province’s deficit for the 2010-11 fiscal year ending March 31, 2011 would be $16.7 billion, or $3 billion lower than forecast in last year’s budget. The change was attributed mainly to decreases in program expenditures. […]

  • ON – Budget expands clearance certificate requirements relating to business bulk sales

    Under current rules, someone who sells a business or business assets through a bulk sale can be required to obtain a clearance certificate from the Ministry of Revenue indicating that all taxes, penalties, and interest in respect of provincial sales tax have been paid. Where a clearance certificate is not obtained, the purchaser of those […]