ON - Interest Rates - 2018The 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 rates levied and paid f...
ON - Province announces date for 2018-19 BudgetThe provincial government has announced that Ontario’s 2018-19 Budget will be brought down by the Minister of Finance on Wednesday, March 28 at around 4 p.m.
Once the Budget is announced, the B...
ON - Interest Rates – 2018The 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 rates levied and paid f...
ON - Apprenticeship training tax credit eliminatedThe province of Ontario provided employers who hired and trained eligible apprentices in designated construction, industrial and motive power, and certain service trades with a refundable tax credit, ...
ON - Interest Rates - 2017The 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 rates levied and paid f...
ON - Province releases July jobs figuresThe provincial government has announced that employment in the province grew by 25,500 jobs during the month of July. Most those were full-time positions, while approximately 8,000 were part-time jobs...
ON - Interest Rates - 2017The 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 rates levied and paid f...
ON - Province announces rent increase cap for 2018The Ontario government has announced that, effective for the 2018 calendar year, a cap of 1.8% will apply for purposes of rent increases on residential rental property in the province. That cap, which...
ON - Minimum wage to increase in two stagesThe province of Ontario has received the final report of its Changing Workplaces Review panel, which examined the province’s current employment standards laws. Following that review, a number of...
ON - Date announced for 2017-18 BudgetThe Ontario Minister of Finance has announced that the province’s 2017-18 Budget will be brought down on Thursday April 27, 2017.
The Budget date announcement can be found on the Ontario Financ...
ON - Interest Rates - 2017The 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 rates levied and paid f...
ON - Province issues updated deficit projectionOntario’s Ministry of Finance recently issued its report on the province’s 2016-17 Third Quarter Finances.
The report indicates that Ontario is projecting a deficit of $1.9 billion for 20...
ON - Interest Rates - 2017The 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 rates levied and paid f...
ON - Interest Rates - 2016The province of Ontario charges and pays interest on under and overpayments of tax at rates prescribed by statute at the beginning of each calendar quarter. The chart below sets out the credit and deb...
ON - Upcoming changes to provincial minimum wageEffective as of October 1, 2016, Ontario’s minimum wage will increase from the current rate of $11.25 per hour to $11.40 per hour. The minimum wage rate payable to students under the age of 18 w...
ON - 2016 Individual Tax Rates and BracketsEffective January 1, 2016, the provincial tax rates and income thresholds for Ontario are as follows:
$0 to $41,536 – 5.05%;
$41,537 to $83,075 – 9.15%;
$83,076 to $150,000 – 11...
Unemployment rate unchanged in MarchThe most recent release of Statistics Canada’s Labour Force Survey shows that the rate of unemployment for the month of March 2018 stood at 5.8%. The same rate was recorded for February 2018.
E...
Bank of Canada leaves interest rates unchangedIn its regularly scheduled interest rate announcement made on April 18, the Bank of Canada indicated that no change was required to current interest rates. Accordingly, the Bank Rate will remain at 1....
CRA issues warning on tax scamsWhile taxpayers fall victim to tax scams year-round, such scams are more prevalent during and just following tax filing season. During that time, taxpayers expect to hear from the tax authoritie...
CRA issues e-filers manual for 2017 returnsThe Canada Revenue Agency has issued its Guide RC4018, Electronic Filers Manual for 2017 Income Tax and Benefit Returns. That guide is for use by certified e-filers in filing individual income tax ret...
Unemployment rate down slightly in FebruaryThe most recent release of Statistics Canada’s Labour Force Survey shows a small decline in the overall unemployment rate for the month of February 2018. That rate declined from 5.9% in the mont...
Increase in Consumer Price Index for JanuaryThe most recent release of Statistics Canada’s Consumer Price Index indicates that the rate of inflation for the month of January 2018 stood at 1.7%. The rate for the previous month was 1.9%.
I...
Bank of Canada leaves interest rates unchangedIn its regularly scheduled interest rate announcement made on March 7, the Bank of Canada indicated that no change would be made to current interest rates. Accordingly, the bank rate remains at 1.5%.
...
Budget 2018 - Service animalsBudget 2018: Eligibility of specially trained service animals will be expanded for the purposes of the medical expense tax credit....
Budget 2018 - CRA compliance ordersBudget 2018: Where a CRA compliance order or information requirement is contested, a new rule will “stop the clock” to prevent the tax year from being statute barred....
Budget 2018 - RDTOHBudget 2018: A corporation will have two RDTOH accounts going forward: eligible and non-eligible RDTOH....
Extended hours for CRA telephone help lineThe Canada Revenue Agency (CRA) provides a 1-800 telephone service to provide tax information to Canadian taxpayers. Such information can be general in nature, or can involve the specific tax affairs ...
Unemployment rate up slightly in JanuaryThe most recent release of Statistics Canada’s Labor Force Survey shows a slight increase in the overall unemployment rate for the month of January. That rate rose by 0.1%, from 5.8% to 5.9%.
T...
2018-19 Federal Budget date announcedThe Federal Minister of Finance has announced that the 2018-19 federal Budget will be brought down on Tuesday, February 27, 2018.
The Budget will be released at around 4 p.m. and the full Budget Pape...
CRA reinstates telephone tax return filing serviceFor a number of years, taxpayers whose tax situation was relatively straightforward were able to file their return by telephone. That service, which was called TELEFILE, was withdrawn a few years ago....
Bank of Canada raises interest ratesAs widely expected, the Bank of Canada indicated, in its regularly scheduled interest rate announcement made on January 17, that an increase in the bank rate was required.
The Bank’s announceme...
Unemployment rate for December 2017 down to 5.7%The most recent release of Statistics Canada’s Labour Force Survey indicates that the unemployment rate for the month of December 2017 stood at 5.7%. The last period for which that rate was reco...
Automobile deduction and benefit limits for 2018Finance Canada has announced the limits and thresholds which will apply for purposes of determining automobile benefits and deductions during 2018.
Most such deduction limits and thresholds are uncha...
Changes to be made to Voluntary Disclosure ProgramThe Canada Revenue Agency (CRA) provides an administrative program under which taxpayers who have failed to file returns or pay taxes on a timely basis can bring their tax affairs into compliance, usu...
Bank of Canada leaves interest rates unchangedIn its regularly scheduled interest rate announcement made on December 6, the Bank of Canada indicated that, in its view, no change is required to current rates. Accordingly, the bank rate remains at ...
Unemployment rate down in NovemberThe most recent release of Statistic’s Canada’s Labour Force Survey shows a slight decline in the overall unemployment for the month of November. That rate declined by 0.4%, to 5.9%. The N...
T4127 for 2018 payroll deduction amounts releasedThe Canada Revenue Agency has issued the 2018 version of its publication T4127(E), Payroll Deductions Formulas. The guide is intended for use by payroll software providers and by employers which manag...
Inflation rate up by 1.4% in OctoberThe most recent release of Statistics Canada’s Consumer Price Index (CPI) shows an inflation rate of 1.4% for the month of October, as measured on a year-over-year basis. The equivalent rate for...
Finance launches pre-budget consultationsFinance Canada has begun the consultation process leading to the release of the 2018-19 federal Budget.
As part of that budget consultation process, the Minister of Finance is holding in-person publi...
Employment Insurance premium rates for 2018The federal government has announced the premium rates and maximum insurable earnings amount which will be in place for the 2018 calendar year.
The premium rate for the year for employees has been se...
Slight increase in unemployment rate for OctoberThe most recent release of Statistics Canada’s Labour Force Survey shows a very small increase in the overall unemployment rate for the month of October. That rate was up by 0.1 percentage point...
Bank of Canada leaves interest rates unchangedIn its regularly scheduled interest rate announcement made on October 25, the Bank of Canada determined that no change was needed to current rates. Accordingly, the bank rate remains at 1.25%.
In the...
Inflation rate up slightly in SeptemberThe most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of September, as measured on a year-over-year basis, stood at 1.6%. The...
Small business tax rate to be reducedFinance Canada has announced that the federal small business tax rate, which is currently set at 10.5%, will be reduced in two stages.
The first reduction will be effective as of January 1, 2018, whe...
CRA policy on taxation of employee discountsEmployees who work in the retail sector frequently receive a discount when purchasing goods sold by their employer. Recent press reports have indicated that the Canada Revenue Agency (CRA) had or woul...
No change in unemployment rate for SeptemberThe most recent release of Statistics Canada’s Labor Force Survey indicates that, for the month of September, employment across Canada was substantially unchanged.
For that month, the unemploym...
Obtaining a proof of income statementIndividual Canadians are sometimes required to provide proof of their income, often as part of an application for a mortgage or other form of credit. Such proof of income can be obtained from the Cana...
Prescribed interest rates for 2017The Canada Revenue Agency (CRA) has announced the interest rates which will apply to amounts owed to and by the Agency for 2017, as well as the rates that will apply for the purpose of calculating emp...
Increased inflation rate in AugustThe most recent release of Statistics Canada’s Consumer Price Index shows an increase in the overall rate of inflation for the month of August. The inflation rate for that month stood at 1.4%, a...
Small decline in unemployment rate for AugustThe most recent release of Statistics Canada’s Labour Force Survey shows a small decline in the overall unemployment rate for the month of August. That rate declined by 0.1%, to 6.2%, which is t...
Bank of Canada announces interest rate increaseIn its regularly scheduled interest rate announcement made on September 6, the Bank of Canada announced that it was increasing its target for the overnight rate, and that the Bank Rate now stands at 1...
Increased inflation rate for JulyThe most recent release of Statistics Canada’s Consumer Price Index indicates that the overall inflation rate for the month of July stood at 1.2%, as measured on a year-over-year basis. The comp...
First tax instalment reminders issued this monthDuring the month of August, the Canada Revenue Agency (CRA) will be issuing 2017 Tax Instalment Reminders, and many taxpayers will be receiving such Reminders for the first time.
Individuals who need...
CRA launches annual tax return processing reviewThe Canada Revenue Agency (CRA) has begun its annual tax return processing review, which seeks to confirm or verify that amounts reported by taxpayers on their 2016 income tax return were accurate and...
Unemployment rate down slightly in July The most recent release of Statistics Canada’s Labour Force Survey shows a small decline of 0.2% in the overall unemployment rate for the month of July. That rate stood at 6.3% which was, as not...
Interest rate announcement dates for 2018The Bank of Canada makes eight regularly scheduled interest rate announcements each year, and the Bank recently announced the dates on which those announcements will be made during 2018. Those dates a...
Inflation rate down slightly in JuneThe most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of June was 1%, while the rate posted for May stood at 1.3%. Both rates...
Unemployment rate down slightly in JuneThe most recent release of Statistics Canada’s Labour Force Survey shows a slight decline in the overall unemployment rate for the month of June. That rate stood at 6.5%, down by 0.1% from the p...
Bank of Canada increases benchmark interest rateAs expected, in its regularly scheduled interest rate announcement made on July 12, the Bank of Canada increased the bank rate from 0.75% to 1.0%.
In the announcement of the rate increase, which can ...
Inflation rate down slightly for MayThe most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation slowed slightly during the month of May. The year-over-year rate for that month stood...
CRA to provide new small business servicesThe Canada Revenue Agency (CRA) has announced that, following its consultation with respect to services provided by the Agency to small businesses, a number of new services will be provided. Those new...
New return adjustment feature added to EFILEThe Canada Revenue Agency has introduced a new feature to its existing EFILE service, which will allow EFILE service providers to submit adjustment requests using certified software. Currently, the ne...
Unemployment rate up slightly in MayThe most recent release of Statistics Canada’s Labour Force Survey shows that, while employment rose by 55,000 during the month of May, the overall unemployment rate increased by 0.1%. That resu...
Upcoming income tax instalment due dateThe second instalment payment of individual income taxes for the 2017 tax year is due on or before Thursday June 15, 2017. Individual taxpayers who pay taxes by instalment will have received an instal...
Inflation rate for April unchangedThe most recent release of Statistics Canada’s Consumer Price Survey shows that there was no change in the overall inflation rate during the month of April 2017. That rate stood at 1.6%, as meas...
Upcoming webinar on employee taxable benefitsThe Canada Revenue Agency (CRA) will be holding a webinar for employers on the subject of employee taxable benefits. The webinar will be held on Wednesday May 24, 2017.
The webinar is free of charge,...
Slight decrease in unemployment rate for April The most recent release of Statistics Canada’s Labour Force Survey shows a slight decrease in the overall unemployment rate for the month of April 2017, which dropped from 6.7% to 6.5%. The 6.5%...
Interest charges on unpaid taxes begin May 2, 2017Taxpayers who have unpaid tax balances for 2016 are subject to interest charges on those unpaid balances as of May 2, 2017.
The current (until June 30, 2017) rate imposed on unpaid tax amounts by the...
Changing source deductions for 2017This year’s federal Budget repealed and replaced several federal tax credits affecting caregivers of infirm and non-infirm family members. Those changes can in many cases affect the tax payable ...
Decrease in inflation rate for March 2017The most recent release of Statistics Canada’s Consumer Price Index shows a drop in the overall inflation rate for the month of March 2017. The rate for that month stood at 1.6%, as measured on ...
Individual tax payment deadline May 1, 2017For all individual Canadian taxpayers, the deadline for payment of tax amounts owed for the 2016 taxation year is midnight on Monday May 1, 2017.
Payments which are not made in full by that deadline ...
Bank of Canada maintains current interest ratesIn its regularly scheduled interest rate announcement made on April 12, 2017, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the bank rate remains ...
Unemployment rate up slightly for March 2017The most recent release of Statistics Canada’s Labour Force Survey shows a small increase in the unemployment rate for the month of March 2017. That rate rose by 0.1%, to 6.7%.
Among demographi...
Slight decrease in inflation rate for FebruaryThe most recent release of Statistics Canada’s Consumer Price Index indicates that the inflation rate for the month of February stood at 2%, as measured on a year-over-year basis. The comparable...
Budget 2017 - Taxi and Ride-Sharing ServicesEffective July 1, 2017, Budget 2017 proposes to extend the GST/HST on taxi operators to ride-sharing services. Taxi operators are required to collect and remit GST/HST on their fares with no dollar ex...
Budget 2017 - Billed-Basis AccountingGenerally, taxpayers are required to include the value of their work in progress (“WIP”) in their income whether or not they have actually received payment for performing the work. H...
Budget 2017 - Home Relocation Loans DeductionIf a taxpayer receives a loan by virtue of their employment with an interest rate below a prescribed rate, he or she is deemed to have received a taxable benefit. However, taxpayers can claim an offse...
Budget 2017 - Medical Expense Tax CreditBudget 2017 proposes to expand the medical tax credit to include costs paid for the purpose of conceiving a child regardless of whether the medical procedures involved are not medically indicated due ...
Budget 2017 - Public Transit Tax CreditBudget 2017 announced that the public transit tax credit will be repealed as of July 1, 2017. The non-refundable credit provided a 15% tax reduction with respect to eligible public transit passes such...
Budget 2017 - Disability Tax CreditBudget 2017 proposes to amend the eligibility criteria for the disability tax credit. One of the conditions required for the credit is that a medical practitioner certifies on CRA Form T2201 that the ...
CRA and Service Canada online services now linkedThe Canada Revenue Agency (CRA) has announced that a link is now available between its website and that of Service Canada, for users of online services at both sites.
Canadian taxpayers can carry out...
Update on CRA online service interruptionThe Canada Revenue Agency (CRA) has issued a notice indicating that its online services have been restored, and that taxpayers are once again able to file their 2016 tax returns online, make payments,...
Mineral exploration tax credit extended to 2018Individual investors in flow-through shares can claim a 15% federal Mineral Exploration Tax Credit. That federal tax credit was scheduled to expire as of March 31, 2017, but Finance Canada has announc...
2017-18 federal Budget date announcedThe Minister of Finance has announced that the 2017-18 federal Budget will be brought down on Wednesday, March 22, 2017. The announcement of the Budget date can be found on the Finance Canada website ...
CRA provides new T1 Adjustment serviceThe Canada Revenue Agency (CRA) has announced that, effective as of February 20, 2017, EFILE service providers will be able to submit T1 adjustments for clients online, using their EFILE software.
Th...
NETFILE service for 2016 returns now availableThe Canada Revenue Agency (CRA) has announced that its online NETFILE service for the filing of individual income tax returns is now available.
NETFILE can be used to file individual tax returns for ...
Obtaining the 2016 income tax return formThe Canada Revenue Agency (CRA) formerly mailed hard copies of the individual income tax return form and guide to Canadian taxpayers, but that service is no longer provided. Taxpayers can, however, ob...
Unemployment rate down slightly in JanuaryThe most recent release of Statistics Canada’s Labour Force Survey indicates that the overall unemployment rate fell slightly during the month of January 2017. That rate fell by 0.1%, from 6.9% ...
CRA issues 2016 Corporation Income Tax Return formThe Canada Revenue Agency (CRA) has released the T2 Corporation Income Tax Return Form to be used by corporations for the 2016 tax year.
The federal T2 is used by all federal, provincial, and territo...
Individual income tax rates and brackets for 2017The Canada Revenue Agency has indicated that an indexing factor of 1.4% will apply to federal individual income tax brackets for the 2017 tax year. The personal income tax brackets and rates which wil...
Inflation up by 1.5% for December 2016The most recent release of Statistics Canada’s Consumer Price Index (CPI) indicates that the rate of inflation for December 2016 stood at 1.5%, as measured on a year-over-year basis.
Inflationa...
Bank of Canada leaves interest rates unchangedIn its scheduled interest rate decision made on January 16, the Bank of Canada (BOC) announced that, in its view, no change was needed to current rates. Accordingly, the bank rate remains at 0.75%.
&...
Unemployment rate up slightly in DecemberThe most recent release of Statistics Canada’s Labour Force Survey indicates that employment rose by 54,000 jobs during the month of December 2016, as the result of gains in full-time work.
Des...
CRA launches GST/HST compliance letter campaignThe Canada Revenue Agency (CRA) has announced that it will be conducting a GST/HST compliance letter campaign pilot project over the next 9 months.
As part of that project, the Agency will send 250 l...
Bank of Canada leaves interest rates unchangedAs expected, the Bank of Canada made no change to current interest rates in its announcement made on December 7. Consequently, the bank rate remains at 0.75%.
In its announcement, which can be found ...
Unemployment rate down slightly in NovemberThe most recent release of Statistics Canada’s Labour Force Survey shows that the overall unemployment rate declined slightly during November, dropping from 7% to 6.8%.
During November, employm...
CRA webinar on payroll deductions for businessesThe Canada Revenue Agency (CRA) regularly holds webinars for businesses on how to fulfill their payroll reporting and remittance obligations.
The last in the current series of such webinars, which wi...
Small increase in inflation rate for OctoberThe most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation stood at 1.5% for the month of October, as measured on a year-over-year basis. The year-over-...
Payroll deductions formulas for 2017 releasedThe Canada Revenue Agency (CRA) has issued the 2017 version of its publication T4127, which outlines and summarizes the payroll deductions formulas for computer programs which will be used beginning J...
Changes made to business tax assessment noticesAs of October 2016, changes were made to standard correspondence sent to business owners by the Canada Revenue Agency (CRA). Specifically, the CRA will be providing businesses with two new, simplified...
Employment Insurance premium rates for 2017The federal government has announced the Employment Insurance premium rates which will apply for the 2017 calendar year.
Total insurable earnings for the year have been set at $51,300. Employee premi...
No change in unemployment rate in OctoberThe most recent release of Statistics Canada’s Labour Force Survey shows that, while employment during the month of October increased by 44,000 jobs, the unemployment rate was unchanged at 7%.
...
Revised deficit figure for 2016-17 announcedIn his Fall Economic Statement, the Minister of Finance announced that the federal government will post a deficit of $25.1 billion for the 2016-17 fiscal year.
The full Fall Economic Statement can be...
Bank of Canada leaves interest rates unchangedIn its most recent announcement, the Bank of Canada indicated that in its view, no change was required to current interest rates. Accordingly, the bank rate remains at 0.75%.
In the press release ann...
Inflation rate of 1.3% recorded for SeptemberThe most recent release of Statistics Canada’s Consumer Price Index shows an inflation rate of 1.3% for the month of September, as measured on a year-over-year basis.
Prices for the month were ...
Date announced for Fall Economic and Fiscal UpdateThe federal Minister of Finance has announced that the 2016 Fall Economic and Fiscal Update will be released on Tuesday November 1, 2016.
The Fiscal Update papers will be posted on the Finance Canada...
Prescribed interest rates for 2016The Canada Revenue Agency (CRA) has announced the interest rates that will apply to amounts owed to and by the federal government for 2016, as well as the rates that will apply for the ...
New school supply tax credit claimable by educators Beginning in 2016, teachers and early childhood educators who purchase school supplies for use in their classrooms will be able to claim a 15% refundable federal tax credit on up to $1,000 worth of su...
Finance posts first quarter fiscal resultsThe Department of Finance has issued the August release of The Fiscal Monitor, which outlines the revenue and expense figures for the federal government for the first quarter of fiscal 2016-17.
Durin...
Applying for the Canada Child BenefitAs of July 2016, the former Universal Child Care Benefit (UCCB) and the Child Tax Benefit (CTB) were replaced by the new Canada Child Benefit (CCB), a non-taxable, means-tested benefit paid to Canadia...
Employment insurance premium rates for 2016Effective January 1, 2016, maximum insurable earnings for purposes of the Employment Insurance program will increase from $49,500 to $50,800. This means that an insured worker will pay EI premiums in ...
