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 - Interest Rates - 2016The 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 chart below sets out th...
ON - Upcoming changes to R&D tax creditsIn this year’s Budget, it was announced that changes would be made to two of the province’s R&D tax credits. The Ontario Research and Development Tax Credit is a 4.5% non-refundable ta...
ON - Interest Rates - 2016The 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 chart below sets out th...
ON - Province announces date for 2016-17 BudgetThe provincial government has announced that Ontario’s 2016-17 Budget will be brought down on Thursday, February 25, 2016.
Once the budget is announced in the Legislature, the Budget papers wil...
ON - Interest Rates - 2016The 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 chart below sets out th...
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...
ON - New minimum wage rates in effectChanges made to the minimum wage payable in Ontario took effect as of October 1, 2015. As of that date, the general minimum wage rose from $11 per hour to $11.25 per hour, and the student minimum wage...
ON - Interest Rates - 2015The 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 chart below sets out th...
ON - Accessing Ontario’s online servicesOntario businesses that wish to have online access to services related to provincial taxes can do so by signing up online for the province’s services account ONT-TAXS. Having such an account all...
ON - Interest Rates - 2015The 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 chart below sets out th...
ON - 2015 Individual Tax Rates and BracketsEffective January 1, 2015, the provincial tax rates and income thresholds for Ontario are as follows:
$0 to $40,922—5.05%$40,923 to $81,847—9.15%$81,848 to $150,000—11.16%$150,001 t...
Small increase in unemployment rate for AugustThe most recent release of Statistics Canada’s Labour Force Survey indicates that while employment edged up during the month of August, the overall unemployment rate also rose, as more Canadians...
Bank of Canada leaves interest rate unchangedIn its interest rate announcement made on September 7, the Bank of Canada determined that no change was needed to current interest rates. Accordingly, the Bank Rate remains at 0.75%.
In its press rel...
Warning issued of new telephone tax scamFor some time, a tax scam has been operating in which Canadians receive telephone calls from persons claiming to be representatives of the Canada Revenue Agency (CRA), in which they are advised that t...
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...
Small increase in unemployment rate for JulyThe most recent release of Statistics Canada’s Labour Force Survey shows a small increase in the overall unemployment rate recorded for the month of July 2016. That rate rose from 6.8% to 6.9%.
...
Upcoming CRA webinars on SR&EDThe Canada Revenue Agency (CRA) will be holding a series of webinars on its scientific research and experimental development (SR&ED) program over the fall and winter of 2016-17.
The free webinars...
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...
Unemployment rate shows slight increase for JulyThe most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate rose slightly during the month of July, from 6.8% to 6.9%.
During that month, employment decr...
Upcoming CRA webinars on employee benefitsThe Canada Revenue Agency (CRA) has announced that it will be holding a series of free webinars on specified topics relating to employee taxable benefits. The current schedule for those webinars is as...
No change in inflation rate for JuneThe most recent release of Statistics Canada’s Consumer Price Index indicates that the 1.5% inflation rate for the month of June 2016 matched the gain recorded for the month of May. Both figures...
Bank of Canada leaves interest rates unchangedIn its regularly scheduled interest rate announcement made on July 12, the Bank of Canada indicated that no change was needed to current interest rates. Accordingly, the bank rate remains at 0.75%.
I...
Small decline in unemployment rate in JuneThe most recent release of Statistics Canada’s Labour Force Survey shows a 0.1% decline in the overall unemployment rate for the month of June, from 6.9% to 6.8%.The lower unemployment rate was ...
Prescribed interest rates for leasing rulesThe Canada Revenue Agency (CRA) has announced the prescribed monthly interest rates for leasing rules which will apply during the months of July and August 2016. Those rates are as follows:
July &nda...
Inflation rate down slightly for MayThe most recent release of Statistics Canada’s Consumer Price Index shows that the inflation rate decreased slightly during the month of May, from the 1.7% recorded during the month of April, to...
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 the first three quarters of 2016, as well as the rates&n...
Bank of Canada leaves interest rates unchangedIn its regularly scheduled interest rate announcement made on May 25, 2016, the Bank of Canada indicated that, in its view, no change was needed to current interest rates. Accordingly, the bank rate r...
Increase in inflation rate recorded for AprilThe most recent release of Statistics Canada’s Consumer Price Index shows that the rate of inflation rose by 1.7% during the month of April, as compared to the 1.3% increase recorded for March 2...
New payroll deduction formulas issued by the CRAThe Canada Revenue Agency (CRA) has released the payroll deduction formulas for income tax, Canada Pension Plan contributions, and Employment Insurance levies which will be in effect as of July 1, 201...
No change in unemployment rate for AprilThe most recent release of Statistics Canada’s Labour Force Survey indicates that there was little change in overall unemployment during the month of April 2016, as the unemployment rate remaine...
Prescribed interest rates for leasing rulesThe Canada Revenue Agency (CRA) has announced the prescribed monthly interest rates for leasing rules which will apply during the second quarter of 2016. Those rates are as follows:
April — 2...
Little change in inflation rate for MarchThe most recent release of Statistics Canada’s Consumer Price Index shows that there was relatively little change in the inflation rate recorded for March 2016. The CPI rose 1.3% in March, as me...
Unemployment rate down slightly in MarchThe most recent release of Statistics Canada’s Labour Force Survey indicates that the overall unemployment rate dropped slightly during the month of March, from 7.3% to 7.1%.
Employment increas...
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 the first half of 2016, as well as the rates that w...
Bank of Canada leaves interest rates unchangedIn its regularly scheduled interest rate announcement made on April 13, the Bank of Canada indicated that in its view, no change is needed to current interest rates. Accordingly, the bank rate remains...
Changes to CRA correspondence with taxpayersThe Minister of National Revenue has announced that changes have been and will be made to notices and correspondence sent by the Canada Revenue Agency to taxpayers.
Starting in February 2016, the CRA...
Making a tax payment for 2015 taxesFor all individual taxpayers, the deadline for payment of any outstanding balance of taxes owed for 2015 is Monday, May 2, 2016. Where payment is not made or is not made in full on or before that date...
Budget 2016 - Small Business Tax RateBudget 2016 preserves the reduction of the overall tax rate on small business income to 10.5% (i.e., a 17.5% reduction from the overall rate). The previously legislated reductions of 0.5% per ye...
Budget 2016 - Eligible Capital PropertyThe 2014 federal Budget announced a consultation on converting the eligible capital property (ECP) regime into a new class of depreciable property. The ECP regime provides specific tax treatment for c...
Budget 2016 - Taxation of “Switch Fund Shares”Also referred to as “corporate class” funds, mutual fund corporations that are organized as switch funds allow investors to switch between various funds within the single corporate structu...
Budget 2016 - Tax Changes for StudentsThe Budget proposes to increase Canada Student Grant amounts by 50%. This translates to an additional $1,000 in grants per year for students from low-income families and $400 per year for students fro...
Budget 2016 - Repealing the Family Tax CutThe “income splitting” tax credit allowed spouses with at least one child under the age of 18 to split up to $50,000 of their income on a notional basis. As a result, the couple’s ta...
Budget 2016 - Canada Child BenefitBudget 2016 proposes to introduce the new Canada Child Benefit (CCB) which will replace the existing Canada child tax benefit (CCTB) and universal child care benefit (UCCB). The CCB will be a monthly ...
CRA provides e-Services Help deskTaxpayers who wish to NETFILE their individual income tax returns or access the Canada Revenue Agency’s (CRA’s) My Account service can obtain help through the Agency’s e-Services Hel...
Slight increase in unemployment rate for FebruaryThe most recent release of Statistics Canada’s Labour Force Survey shows that there was little change to the overall employment picture for the month. While gains were recorded in part-time work...
Proof of income statements available from the CRA Canadians are frequently asked to provide proof of their income, often in connection with an application for a mortgage or other form of credit, or to establish eligibility for a grant or subsidy.
Ta...
CRA announces new payment option for taxpayersThe Canada Revenue Agency (CRA) has announced that, effective as of February 15, 2016, it accepts VISA debit cards for payment of amounts owing to the CRA.
The CRA already provides taxpayers with a n...
2016-17 federal Budget date announcedFinance Canada has announced that the 2016-17 federal Budget will be brought down on March 22, 2016. The Budget papers will be posted on the Finance Canada website at www.fin.gc.ca/access/budinfo-eng....
CRA issues new warning on telephone tax scamThe Canada Revenue Agency (CRA) has issued another warning about an ongoing telephone tax scam which has affected a number of Canadians. As part of that scam, callers claim to be representatives of th...
NETFILE for 2015 returns now available The Canada Revenue Agency’s (CRA’s) NETFILE service for filing of 2015 tax returns is now available on the CRA’s website at www.cra-arc.gc.ca/esrvc-srvce/tx/ndvdls/netfile-impotnet/....
Unemployment rate edges up in JanuaryThe most recent release of Statistics Canada’s Labour Force Survey shows a slight increase in the unemployment rate for January, to 7.2%. Employment was virtually unchanged, as the economy overa...
NETFILE for 2015 available on February 15, 2016Starting February 15, 2016, the Canada Revenue Agency’s (CRA’s) NETFILE service will be online, and Canadians will be able to NETFILE their returns for the 2015 tax year.
For those who ha...
Unemployment rate unchanged in DecemberThe most recent release of Statistics Canada’s Labour Force Survey indicates that the unemployment rate for the month of December 2015 was unchanged at 7.1%.
Provincially, employment rose only ...
Inflation rate increases in NovemberThe most recent release of Statistics Canada’s Consumer Price Index indicates that the overall inflation rate rose by 1.4% in the month of November, as measured on a year-over-year basis. The ra...
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 the first quarter of 2016, as well as the rates tha...
Slight increase in unemployment rate for NovemberA small decline in part-time employment pushed the unemployment rate for the month of November up by 0.1%, to 7.1%.
There was little change recorded for most demographic groups for the month, but emp...
Inflation rate unchanged in OctoberThe most recent release of Statistics Canada’s Consumer Price Index indicates that there was no change in the overall inflation rate for the month of October, which remained at 1.0%, as measured...
Deficit now projected for 2015-16 fiscal yearIn the 2015-16 Update of Economic and Fiscal Projections, the Minister of Finance announced that the anticipated surplus for the current fiscal year will not be realized. Instead, it is projected that...
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 ...
New tool available for SR&ED claimantsThe Canada Revenue Agency (CRA) has announced that a new downloadable tool is available to enable taxpayers to determine whether they are eligible to claim scientific research and experimental develop...
Economic and Fiscal Update to be issuedThe federal government traditionally issues two major tax and fiscal policy statements each year, in the form of a late winter or early spring budget, followed by an Economic and Fiscal Update which i...
Slight drop in unemployment rate for OctoberAn increase of 44,000 positions during the month of October pushed the unemployment rate down by 0.1 percentage points, to 7%.
Several provinces, including Ontario, British Columbia, New Brunswick, a...
Telephone tax collection scam continuesA telephone tax collection scam which was the subject of a Canada Revenue Agency (CRA) warning earlier this year is continuing.
The scam involves a telephone call from someone claiming to be from the...
October 31st GST filing and payment deadline Businesses which file returns and remit goods and services tax or harmonized sales tax on a monthly or quarterly basis have an upcoming deadline. Those businesses must file a return and make any requi...
Slight decrease in inflation rate in SeptemberThe most recent release of Statistics Canada’s Consumer Price Index shows a slight decrease in the rate of inflation recorded for the month of September. The inflation rate for that month stood ...
Budgetary surplus posted for 2014-15Final figures for the 2014-15 fiscal year show that the federal government posted a budgetary surplus of $1.9 billion.
For that fiscal year, revenues totaled $282.3 billion and expenditures amounted ...
Prescribed interest rates for 2015The Canada Revenue Agency (CRA) has announced the interest rates that will apply to amounts owed to and by the federal government for 2015, as well as the rates that will apply for the ...
No change in inflation rate for AugustThe most recent release of Statistics Canada’s Consumer Price Index shows no change in the rate of inflation from July to August. The rate for both months stood at 1.3%.
StatsCan’s analys...
Upcoming administrative changes to GST/HST returnsThe Canada Revenue Agency (CRA) will be making changes to the distribution of goods and services tax/harmonized sales tax (GST/HST) returns to Canadian businesses. Businesses file GST/HST returns and ...
Unemployment rate up in AugustThe most recent release of Statistics Canada’s Labour Force Survey shows that the unemployment rate rose by 0.2% to 7%, for the month of August.
The only group for which employment increased du...
Signing up for direct deposit with the CRAAs of the end of 2015, the Canada Revenue Agency (“CRA”) will be making all payments to taxpayers through direct deposit.
Taxpayers who have bank account information on file with the CRA ...
Inflation rate up slightly in JulyThe most recent release of Statistics Canada’s Consumer Price Index indicates that the rate of inflation recorded for the month of July was up slightly over the previous month. The July rate sto...
Consultation on proposed changes to PRPP rulesThe federal government has proposed an agreement to change the administration of pooled registered pension plans (PRPPs), such that plan administrators in all provinces would need to deal with only th...
No change in unemployment rate for July 2015The most recent release of Statistics Canada’s Labour Force Survey shows that there was little change in employment during the month of July. There was consequently no change in the overall unem...
Applying for the enhanced UCCB benefitCanadian families that have children under the age of 18 are able to receive an enhanced Universal Child Care Benefit (UCCB), effective as of January 1, 2015. A retroactive payment covering the first ...
Slight increase in inflation rate for JuneThe most recent release of Statistics Canada’s Consumer Price Index shows a small increase in the rate of inflation for the month of June. The inflation rate for the month stood at 1%, as compar...
Bank of Canada lowers interest ratesIn its regularly scheduled interest rate announcement made on July 15, the Bank of Canada lowered interest rates by one-quarter of a percentage point. The Bank Rate is now .75%.
In outlining the reas...
No change in overall unemployment rate for JuneA loss of 71,000 part-time positions during the month of June was offset by a gain of 65,000 in full-time work, leaving the unemployment rate unchanged at 6.8%.
There was little change in employment ...
New payroll deduction tables issued for July 1Each year, a number of federal and provincial personal tax measures take effect halfway through the year, on July 1, and those measures often require a change in the deductions made from the remunerat...
Inflation rate up slightly in MayThe most recent release of Statistics Canada’s Consumer Price Index shows that the year-over-year inflation rate for the month of May stood at 0.9%, up slightly from the 0.8% increase recorded f...
Prescribed interest rates for 2015The Canada Revenue Agency (CRA) has announced the interest rates that will apply to amounts owed to and by the federal government for the first three quarters of 2015, as well as the rates&n...
Prescribed interest rates for 2015The Canada Revenue Agency (CRA) has announced the interest rates that will apply to amounts owed to and by the federal government for the second quarter of 2015, as well as the rates th...
Unemployment rate up slightly in FebruaryThe most recent release of Statistics Canada’s Labour Force Survey indicates that, while employment was unchanged during the month of February, the unemployment rate rose by 0.2%, as more Canadi...
