ON - Province to balance Budget in 2023-24The 2019-20 Ontario Budget released on April 11, 2019 indicates that the province will not achieve a balanced budget until the 2023-24 fiscal year.
The Budget papers show that the province expects th...
ON - Province introduces new child care tax creditThe 2019-20 provincial Budget brought down on April 11 included the announcement of a new refundable child care tax credit, claimable for the 2019 and subsequent taxation years.
The new credit will b...
ON - Interest Rates - 2019The 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 - Date announced for 2019-20 provincial BudgetThe Ontario government has announced that the province’s Budget for the upcoming (2019-20) fiscal year will be brought down on Thursday April 11, 2019.
Once the Budget is released, the Budget p...
ON - Third quarter update shows reduced deficitThe provincial government has issued its fiscal update for the Third Quarter of the 2018-19 year, and that update shows a $1 billion reduction in the province’s deficit. That deficit is now proj...
ON - Interest Rates - 2019The 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 offers property tax deferral programThe province provides a program under which low-income seniors and low-income persons with disabilities can obtain a partial deferral of property tax and education tax. The tax deferral applies to the...
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 - Increases to driver licensing fees cancelledThe government of Ontario has announced that planned fee increases with respect to licensing fees for drivers in the province, which were to have taken effect on September 1, 2018, have been cancelled...
ON - 2018 personal income tax ratesAs announced in this year’s provincial Budget, Ontario has altered its personal tax rate structure. The changes announced include the elimination of the provincial surtax and the replacement of ...
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 - Provincial R&D tax credit enhancedThe Ontario Research and Development Tax Credit (ORDTC) is a 3.5% non-refundable tax credit earned on eligible R&D expenditures. As announced in this year’s provincial Budget, elig...
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, ...
OAS rates unchanged for the second quarter of 2019The federal government has announced the Old Age Security payment rates which will be in effect for the second quarter (April 1 to June 30) of 2019.
OAS payment rates are indexed quarterly to inflati...
Unemployment rate unchanged in MarchThe most recent release of Statistics Canada’s Labour Force Survey indicates that there was no change in the overall unemployment rate for the month of March. That rate remained at 5.8%.
Employ...
Prescribed interest rates for leasing for AprilThe Canada Revenue Agency has announced the prescribed interest rates for leasing rules which will be in effect during the month April 2019.
The prescribed rate for the upcoming month is 3.1%.
A cha...
CRA posts Tax Tips for students and seniorsThe Canada Revenue Agency (CRA) has posted a number of Tax Tips for seniors and students on its website. Those Tax Tips list and explain particular credits, deductions, or benefits which are most like...
Inflation increases by 1.5% in FebruaryThe most recent release of Statistics Canada’s Consumer Price Survey indicates that the rate of inflation for the month of February, as measured on a year-over-year basis, stood at 1.5%. The com...
Budget 2019: Expanding Health-Related Tax ReliefBudget 2019 proposes to expand health-related tax relief under the Goods and Services Tax/Harmonized Sales Tax (GST/HST) system to better meet the health care needs of Canadians by:
providing GST/H...
Budget 2019: Employee Stock OptionsBudget 2019 announces the Government’s intent to limit the use of the current employee stock option tax regime and move toward aligning the tax treatment with the United States for employees of ...
Budget 2019: Medical Expense Tax CreditAmounts paid for cannabis products may be eligible for the medical expense tax credit where such products are purchased for a patient for medical purposes in accordance with the Access to Cannabis for...
Budget 2019: Variable Payment Life Annuities Budget 2019 proposes to amend the tax rules to permit PRPPs and defined contribution RPPs to provide a variable payment life annuity (VPLA) to members directly from the plan. A VPLA will provide payme...
Budget 2019: Advanced Life Deferred Annuities Budget 2019 proposes to amend the tax rules to permit an advanced life deferred annuity (ALDA) to be a qualifying annuity purchase, or a qualified investment, under certain registered plans. An ALDA w...
Budget 2019: Canada Training CreditBudget 2019 proposes this new, non-taxable credit that would help Canadians pay for training fees. Every year, eligible workers between the ages of 25 and 64 would accumulate a credit balance of $250 ...
Budget 2019: Character Conversion TransactionsBudget 2019 proposes an amendment that introduces an additional qualification for the commercial transaction exception in the definition “derivative forward agreement” as the exception app...
Budget 2019: Support for Canadian JournalismBudget 2019 proposes to introduce three new tax measures to support Canadian journalism:
allowing journalism organizations to register as qualified donees;
a refundable labour tax credit for quali...
Unemployment rate unchanged in FebruaryThe most recent release of Statistics Canada’s Labour Force survey shows that, while the rate of unemployment for the month of February was unchanged, employment grew by 56,000 positions. The un...
Bank of Canada leaves interest rates unchangedIn its regularly scheduled interest rate announcement made on March 6, the Bank of Canada indicated that, in its view, no change was needed to current rates. Accordingly, the Bank Rate remains at 2%
...
Inflation down to 1.4% for January 2019The most recent release of Statistics Canada’s Consumer Price Index (CPI) shows a drop in the rate of inflation for the month of January. That rate, as measured on a year-over-year basis, was 1....
First instalment payment of 2019 due March 15The first instalment payment of individual income taxes for the 2019 tax year is due on or before Friday March 15, 2019. Individuals who have previously paid tax by instalments will have received an i...
Date announced for 2019-20 federal BudgetThe Minister of Finance has announced that the 2019-20 federal Budget will be brought down on Tuesday, March 19, 2019.
Once the Budget is released, at around 4 p.m., the Budget Papers will be posted ...
Obtaining a 2018 tax return form and guideThe 2018 T1 Individual Income Tax Return and Guide package is now available on the Canada Revenue Agency (CRA) website at https://www.canada.ca/en/revenue-agency/services/forms-publications/tax-packag...
CRA issues tax filing tips for studentsThe Canada Revenue Agency (CRA) has issued a Tax Tip for post-secondary students and graduates who will be filing an income tax return for the 2018 tax year.
That Tax Tip, which can be found on the C...
Small increase in unemployment rate for JanuaryDuring the month of January, the number of people employed in Canada rose by 67,000, with that figure attributable for most part to increased employment of those aged 15 to 24 and those working in the...
Prescribed interest rate for leasingThe Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of March 2019.
That prescribed rate for the month of March will b...
CRA issues tax filing tips for seniorsThe Canada Revenue Agency (CRA) has posted a Tax Tip which lists the tax deductions and credits which are most relevant to seniors, and which can be claimed by eligible seniors when preparing and fili...
Upcoming changes to the CRA’s e-mail serviceEffective as of February 11, 2019, the Canada Revenue Agency (CRA) will be merging its online mail and account alerts services. Notification of the change is being sent to users of those services, and...
Pre-Budget consultations ending on January 29Finance Canada has issued a reminder that the current consultation process with respect to the upcoming 2019-20 federal Budget will end on Tuesday, January 29, 2019.
Interested stakeholders can make ...
Inflation rate increases to 2% in DecemberThe most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation, as measured on a year-over-year basis, stood at 2% during the month of December 2018. The eq...
Inflation for November down to 1.7%The most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of November, as measured on a year-over-year basis, stood at 1.7%. The comparab...
Prescribed leasing interest rate for January 2019The Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of January 2019.
The prescribed rate for that month will be 3.39%...
Unemployment rate for November at 42-year lowThe most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate for the month of November was the lowest recorded since 1976.
The unemployment rate for the m...
Inflation rate up slightly in OctoberThe most recent release of Statistics Canada’s Consumer Price Index shows a slight increase in the rate of inflation rate for the month of October. That rate rose 2.4%, following a 2.2% increase...
New tax credits to support news organizationsIn the 2018-19 Fall Economic Statement, the Minister of Finance announced that three new tax initiatives would be introduced to support both traditional and digital news organizations.
Those changes ...
CRA announces enhancements to BizAppThe Canada Revenue Agency (CRA) provides a mobile web app for small business owners and sole proprietors which enables them to manage their business tax accounts on any browser-enabled mobile device.
...
Unemployment rate down slightly for SeptemberThe most recent release of Statistics Canada’s Labour Force Survey shows a small decline in unemployment during the month of September. That rate stood at 5.8%, down 0.1% from the rate posted fo...
Canada Pension Plan contribution rates for 2019The Canada Revenue Agency has announced the contribution rates and amounts for the Canada Pension Plan which will apply during the 2019 calendar year, and that announcement can be found at https://www...
Prescribed interest rate for leasing for NovemberThe Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of November.
The prescribed rate for that month will be 3.43%.
A...
Inflation rate at 2.2% for September The most recent release of Statistics Canada’s Consumer Price Index shows that the inflation rate for the month of September stood at 2.2%, as measured on a year-over-year basis. The comparable ...
Bank of Canada raises interest rates againIn its regularly scheduled interest rate announcement made on October 24, the Bank of Canada once again increased the bank rate, which now stands at 2%.In the press release announcing the increase, wh...
Slight decline in unemployment rate for SeptemberThe most recent release of Statistics Canada’s Labour Force Survey shows a small decrease in the overall unemployment rate for the month of September. That rate decreased from the 6% rate record...
Prescribed interest rate for leasing for OctoberThe Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of October.
The prescribed rate for that month will be 3.33%.
A ...
Inflation rate down slightly in AugustThe most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation for the month of August 2018 stood at 2.8%, as measured on a year-over-year basis. The compar...
Employment insurance premium rate for 2019The Minister of Finance has announced that the employment insurance premium rate payable by employees and the self-employed for the 2019 tax year will be reduced.
The premium rate for that year will ...
Slight increase in unemployment rate for AugustThe most recent release of Statistics Canada’s Labour Force Survey shows a small increase in the unemployment rate posted for the month of August. That rate rose by 0.2%, from 5.8% to 6%.
Most ...
Bank of Canada leaves interest rates unchangedIn its scheduled interest rate announcement made on September 5, the Bank indicated that no change would be made to current interest rates. Accordingly, the Bank Rate remains at 1.75%.
The Bank ackno...
CRA issues Tax Tip on benefit review processEach year the Canada Revenue Agency (CRA) sends a letter and questionnaire to approximately 350,000 taxpayers, seeking to determine whether such taxpayers are receiving the correct tax credits and ben...
Upcoming tax instalment due date for individualsThe due date for the third instalment payment of 2018 income taxes by individuals falls on September 15, 2018. As that date is a Saturday, instalment payments will be considered to be made on time if ...
Rate of inflation at 3% for JulyThe most recent release of Statistics Canada’s Consumer Price Survey shows a significant increase in inflation for the month of July. That rate, as measured on a year-over-year basis, stood at 3...
Unemployment rate down slightly for JulyThe most recent release of Statistics Canada’s Labour Force Survey indicates that the overall rate of unemployment was down slightly for the month of July. That rate stood at 5.8%, down by 0.2% ...
CRA podcasts and webinars for small businessesThe Canada Revenue Agency (CRA) prepares and posts on its website a number of podcasts and webinars covering tax and tax-related issues of particular interest to small businesses.
There are currently...
CRA issues new direct deposit form for businessesThe Canada Revenue Agency (CRA) has updated and re-issued its Form RC366, which allows businesses to have amounts owed to them deposited directly to a bank account.
The updated form can be used to ei...
CRA issues updated guide to RESPsThe Canada Revenue Agency (CRA) has updated and re-issued its publication RC4092(E) on Registered Education Savings Plans.
The updated publication incorporates changes, originally announced as part o...
Inflation rate up by 2.5% in JuneThe most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of June, as measured on a year-over-year basis, stood at 2.5%. That cha...
Prescribed interest rates for leasing rulesThe Canada Revenue Agency (CRA) has announced the prescribed interest rates for leasing rules which will apply during the months of July and August 2018.
Those prescribed rates will be 3.28% for July...
Slight increase in unemployment rate for JuneWhile employment rose by 32,000 during the month of June, the unemployment rate was also up, by 0.2%, a result attributed by Statistics Canada an increase in the number of individuals seeking to enter...
Bank of Canada increases benchmark interest rateIn its regularly scheduled interest rate announcement made on July 11, the Bank of Canada indicated that it was increasing its benchmark interest rate by one-quarter of a percentage point. Accordingly...
CRA issues Tax Tip on return review processEach year, the Canada Revenue Agency reviews approximately 3 million returns which have already been filed and assessed. Generally, such reviews are carried out to confirm income amounts reported, and...
No change to inflation rate for MayThe most recent release of Statistics Canada’s Consumer Price Index indicates the rate of inflation for the month of May stood at 2.2%. The same rate was recorded for the month of April, and bot...
Prescribed interest rate for leasing for JulyThe Canada Revenue Agency (CRA) has announced the prescribed interest rate for leasing rules which will be in effect during the month of July.
The prescribed rate for that month will be 3.28%.
A cha...
CRA updates and re-issues Notice of Objection formThe Canada Revenue Agency has updated and re-issued its standard form for filing an objection to a Notice of Assessment or Reassessment. The 2018 T-400A E, Notice of Objection, can be found on the CRA...
No change in unemployment rate for MayThe most recent release of Statistics Canada’s Labour Force Survey shows little change in unemployment during the month of May. For the fourth consecutive month, that rate stood at 5.8%.
There ...
Inflation rate for April at 2.2%The most recent release of Statistics Canada’s Consumer Price Index shows that the overall rate of inflation for the month of April stood at 2.2%, as measured on a year-over-year basis. The rate...
Unemployment rate unchanged in AprilThe most recent release of Statistics Canada’s Labour Force Survey indicates that there was no change during the month of April to either employment figures or the overall unemployment rate.
Th...
CRA tax topic podcasts available for downloadThe Canada Revenue Agency prepares and posts podcasts on a number of different tax topics, both individual and corporate. Those podcasts are available for download from the CRA website.
The current s...
Prescribed interest rates for May and JuneThe Canada Revenue Agency has announced the prescribed interest rates for leasing rules which will be in effect during the months of May and June 2018.
Those prescribed rates will be 3.22% during the...
Getting information about your tax refundTaxpayers who have filed their return for the 2017 tax year and are expecting to receive a refund can track the status of that refund payment through a toll-free telephone line. That line, the CRA&rsq...
CRA issues warning on filing season tax scamsThe Canada Revenue Agency (CRA) has issued a warning to taxpayers of the need to be particularly vigilant with respect to fraudulent text, telephone, and e-mail communications, which increase during t...
Inflation rate for March reaches 2.3%The most recent release of Statistics Canada’s Consumer Price Index indicates that the rate of inflation stood at 2.3% during the month of March 2018, as measured on a year-over-year basis. The ...
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...
