ON - Interest Rates - 2013The 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...
ON - Interest Rates—2013The 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...
ON - 2013 Corporate Tax RatesAs of January 1, 2013, Ontario levies a general corporate tax rate of 11.5%. The small business threshold is $500,000, and qualifying small business income under that threshold is taxed at a rate o...
ON - 2013 Individual Tax Rates and BracketsEffective January 1, 2013, the provincial tax rates and income thresholds for Ontario are as follows:
5.05% on the first $39,723 of taxable income;
9.15% on the next $39,72...
Unemployment rate unchanged for AprilThe most recent Statistics Canada’s Labour Force Survey indicates little change in overall employment for the month of April 2013 and, consequently, that the unemployment rate was unchanged a...
Inflation rate for March drops to 1.0%The most recent issue of Statistics Canada’s Consumer Price Index shows that the rate of inflation, as measured on a year-over-year basis, slowed somewhat during the month of March.
T...
Unemployment rate for March increases to 7.2%The latest issue of Statistics Canada’s Labour Force Survey indicates that, overall, employment declined by 55,000 during the month of March. The number of employees in the private sector dro...
Prescribed interest rates for 2013The 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 2013.
Debit rate Credit Rate...
Federal Budget 2013: Excise Duty on TobaccoManufactured tobacco currently receives preferential tax treatment compared to cigarettes. To eliminate this treatment, Budget 2013 proposes an increase in the rate of excise duty on manufactured toba...
Federal Budget 2013: GST/HST - Paid ParkingCertain supplies made by public sector bodies (PSBs) are exempt supplies if all or substantially all of the supply of property or services is made for free. It is proposed that this exemption be li...
Federal Budget 2013: Restricted Farm LossesRestricted Farm loss (“RFL”) provisions apply in situations where a taxpayer incurs a loss from farming, unless his/her chief source of income is from farming or a combination of farming a...
Federal Budget 2013: Dividend Tax CreditThe Budget proposes to adjust the “gross-up and credit” mechanism that applies to taxable dividends other than “eligible dividends” paid by a corporation resident in Canada ...
Federal Budget 2013: Adoption Expense Tax CreditThe adoption expense tax credit (AETC) applies a 15% federal tax credit to adoption expenses incurred by adoptive parents in the year that an adoption of an eligible child is completed. An “e...
Unemployment rate for February unchangedThe latest issue of Statistics Canada’s Labour Force Survey indicates that, while employment rose by 51,000 jobs during the month of February, the overall unemployment rate of 7.0% was unchan...
Finance announces date for 2013 Federal BudgetMinister of Finance, Jim Flaherty, has announced that the 2013 Federal Budget will be brought down on Thursday, March 21, 2013, at around 4:00 p.m.
The Minister’s announcement can be ...
Bank of Canada leaves interest rate unchangedIn an announcement made on March 6, the Bank of Canada indicated that it will be maintaining interest rates at their current level. Accordingly, the bank rate remains at 1.25%, where it has been si...
Obtaining a 2012 tax packageRevenue Canada is no longer mailing tax packages to individuals who have paper-filed their returns in previous years.
The Agency recently posted an announcement on its Web site providing in...
Access code not required to NETFILE 2012 returnsThe Canada Revenue Agency (CRA) has announced that, effective as of the 2013 filing season (for 2012 returns), taxpayers who choose to NETFILE their returns on the CRA Web site will no longer need ...
Federal corporate tax rates for 2013There is no change to federal corporate tax rates for 2013, meaning that the general federal corporate tax rate and the rate applied to income from manufacturing and processing will remain 15.0%....
Federal individual tax credits for 2013Dollar amounts on which individual non-refundable federal tax credits for 2013 are based, and the actual tax credit claimable, will be as follows:
Credit amount Tax credit
Basic pe...
CRA issues individual tax return forms for 2012 The Canada Revenue Agency (CRA) has released the T1 Individual Income Tax Return forms to be used for 2012 filings.
The forms are currently available in printable format on the CRA Web site...
Interest rates for first quarter of 2013The Canada Revenue Agency (CRA) has announced the interest rates which will apply during the first quarter (January 1 to March 31, 2013) to overpayments and underpayments of income tax and other am...
TFSA limit increased for 2013When the federal tax-free savings account (TFSA) was introduced in 2009, the federal government indicated that the annual TFSA contribution limit of $5,000 would be indexed to inflation in $500 inc...
Employment insurance premium rates for 2013The contribution rates for employment insurance premiums for 2013 have been announced by the federal government. For 2013, the contribution rate will be 1.88% on maximum insurable earnings of $47,4...
