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 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 ...
