• ON – Province posts information on alternate service delivery options during postal strike

    The government of Ontario has posted detailed information on its Web site at, outlining how government services (including the issuance of cheques by the provincial government) will be handled during the postal strike, and how taxpayers may continue to fulfill their tax filing and payment obligations. Some federally administered benefits will continue to be […]

  • ON – New photo identification card to be made available to Ontario residents

    Around the end of July, the province will be implementing a new photo identification card program for provincial residents aged 16 and older. Ontarioresidents are frequently asked to provide photo identification in connection with government, banking or other business transactions. While anOntariodriver’s licence is often used to provide such identification, that option is not available […]

  • CRA issues updated guide to tax-free savings accounts

    The Canada Revenue Agency (CRA) has updated its guide RC4466, outlining the rules applicable to tax-free savings accounts. The updated guide, which is available only in electronic format, can be found on the CRA Web site at

  • Inflation rate at 2% in November

    The most recent issue of Statistics Canada’s Consumer Price Index indicates that the overall inflation rate for the month of November stood at 2.0% on a year-over-year basis, a 0.4% decline from the rate posted for October.   The StatsCan report indicated that the major contributor to the lower inflation rate was a slowdown in […]

  • CRA issues updated guide on students and income tax

    The Canada Revenue Agency (CRA) publishes a comprehensive guide for post-secondary students on their income tax obligations and benefits.  The guide, which outlines both tax measures specific to students and others of more general application, was recently updated by the CRA, and the updated version can be found on the CRA Web site at

  • Prescribed interest rates for 2011

    The Canada Revenue Agency (CRA) has announced the interest rates that will apply to amounts owed to and by the federal government for the first quarter of 2011, as well as the rates that will apply for the purpose of calculating employee and shareholder taxable benefits. Debit rate            Credit Rate             Benefits January 1 – March 31, 2010                5%                      […]

  • 2011 automobile deduction limits

    The Department of Finance has released the automobile deduction limits and expense benefit rates which will apply for the 2011 taxation year. The rates, which are unchanged from 2010, are as follows:   the ceiling on the cost of passenger vehicles for capital cost allowance purposes remains at $30,000:   the maximum allowable interest deduction […]

  • Bank of Canada leaves interest rate unchanged

    In its regularly scheduled January 18th announcement, the Bank of Canada chose to leave the current bank rate of 1.25% unchanged. The Bank indicated in a press release, which is available on its Web site at, that while the economic recovery in Canada is proceeding broadly as expected, the pace of both consumption growth […]

  • New mortgage rules announced by Finance Canada

    The federal Department of Finance has moved once again to tighten mortgage lending rules for Canada Mortgage and Housing Corporation-insured mortgages – generally those where the mortgage amount exceeds 80% of the cost of the home.   The new measures: Reduce the maximum amortization period to 30 years from 35 years for new government-backed insured […]