Commentary

  • ON – Land transfer tax refund bulletin updated

    The province of Ontario provides a refund of land transfer tax to provincial residents who are first time homebuyers. The tax Bulletin (LTT2-2006) which outlines the circumstances in which a refund may be claimed and the procedure  and deadline for claiming that refund has recently been updated. The current version of the Bulletin can be […]

  • ON – Provincial government to put forward additional pension reforms

    The Ontario Minister of Finance has announced that the province will be proposing a broad package of reforms this fall with respect to Ontario’s pension system. The changes, which arise out of recommendations made by the Experty Commission on Pensions, will focus on sustainable funding for benefits and tougher funding standards for benefit improvements. Changes […]

  • ON – Claiming an RST exemption on insurance products

    Notwithstanding the introduction of the harmonized sales tax on July 1, 2010, retail sales tax (RST) will continue to apply to premiums paid under a contract of insurance or benefits plan after June 30, 2010. Some purchasers may be entitled to an exemption from RST, and in order to do so, a purchaser is required to provide […]

  • ON – New tax credit proposed for children’s activities

    Ontario has joined the federal government and some of the other provinces in  providing a tax credit for expenses incurred by parents who enroll their children in extracurricular activities. Under the proposed tax credit program, parents would be able to claim up to $500 of eligible expenses per child. The credit would apply to any eligible […]

  • ON – Ontario increases income threshold for seniors’ tax credits

    The Ontario government has announced that income thresholds which govern eligibility for certain income tax credits provided to seniors in the province have been increased. In the 2010 budget, the province announced the creation of the Ontario Energy and Property Tax Credit (OEPTC) which would replace existing credits. The amount of the OEPTC, which is […]

  • ON – New rules to regulate Ontario energy retailers

    The Ontario government has announced that, effective January 1, 2011, new rules will come into effect to regulate the activities of energy retailers in the province. The new rules will require such retailers to disclose how the contract price being offered to consumers compares to the price offered by the local utility and to require […]

  • ON – New tax information forums scheduled for October and November

    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, […]

  • ON – Payment of small business transition support payments to begin

    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 […]

  • ON – Province invites input on pension reform proposals

    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 […]

  • ON – Land transfer tax refund available for first-time homebuyers

    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 […]

  • ON – Children’s activity tax credit to be implemented for 2010

    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 […]

  • 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 […]