ON – 2012 Corporate Tax RatesAs of January 1, 2012, Ontario levies a general corporate tax rate
of 11.5%, with that rate currently scheduled to be reduced to 11%
effective July 1, 2012.The small business threshold is $500,000,
an...
ON – Interest Rates—2012The 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 – SR&ED seminar schedule for 2011/12The Ontario Ministry of Revenue, in conjunction with the Canada
Revenue Agency (the CRA), sponsors free seminars which provide
information on scientific research and...
ON – Tax credits and benefits Web site expandedThe Ontario Ministry of Finance has posted on its Web site a
summary of the individual tax credits and benefits currently
provided by the province, together with information on the
individual and f...
Budget 2012: CPP Contribution Rate The Budget announced that the 2010–2012 triennial review of
the CPP confirms the financial sustainability of the Plan for at
least the next 75 years at the current contribution rate of 9.9% of
p...
Budget 2012: EI Premium Rates EI premium rate increases will be limited to 5 cents each year
until the EI Operating Account is in balance, and will then move to
a seven-year break-even rate....
Budget 2012: Employees Profit Sharing PlansEmployees Profit Sharing Plans (“EPSPs”) are trust
arrangements that allow employers to make tax-deductible
contributions to a trust and require trustees to allocate to
employees each y...
Budget 2012: Graduated Penalties for Late Filing Budget 2011 announced a CRA review of the penalty structure for
late-filed information returns. After working with the Canadian
Federation of Independent Business and other organizations
representing ...
Budget 2012: Medical Expense Tax CreditThe medical expense tax credit provides federal income tax relief
equal to 15% of eligible medical and disability-related expenses in
excess of an amount that is the lesser of (a) 3% of the
taxpayer&r...
Budget 2012: Old Age Security Age of EligibilityThe age of eligibility for OAS and GIS will be gradually increased
from 65 to 67, starting in April 2023, with full implementation by
January 2029. An 11-year notification period, followed by a
6-year...
Budget 2012: Option to Defer the OAS Pension To improve flexibility and choice in the OAS program, starting on
July 1, 2013, the Government will allow for the voluntary deferral
of the OAS pension, for up to five years, allowing Canadians the
op...
Budget 2012: Wage Earner Protection ProgramThe Budget proposes $1.4 million annually for the Wage Earner
Protection Program (WEPP). WEPP was introduced in 2008 to provide
compensation to workers for unpaid wages and vacation pay earned in
the ...
CRA issues warning about new phishing schemeMillions of Canadians will have filed their 2011 income tax return
over the past few weeks and each of them will be expecting to hear
from the Canada Revenue Agency (CRA) in due course, with a Noti...
Eco-ENERGY retrofit program ends earlyThe Minister of Natural Resources has announced that, as of January
28, 2012, his department has stopped accepting new registrations
for the federal EcoENERGY retrofit program. The program was orig...
Federal budget date set for March 29, 2012Minister of Finance Jim Flaherty has announced that the 2012-13
federal Budget will be released on Thursday March 29, 2012.It is
expected that the budget will be brought down around 4:00 EDT...
Inflation rate for February at 2.6%The most recent issue of Statistics Canada’s Consumer Price
Index indicates that the year-over-year inflation rate for the
month of February 2012 stood at 2.6%.Not surprisingly, the ma...
Inflation rate for March at 1.9%While the overall year-over-year inflation rate slowed from the
2.6% posted for February to 1.9% in March, Canadian consumers will
not be surprised to find that increases in the price of food and
e...
Inflation rate stands at 2.5% for January 2012The latest issue of Statistics Canada’s Consumer Price Index
release shows that prices rose by 2.5% for the month of January
2012, as measured on a year-over-year basis. The rate for
December...
Interest rates for second quarter of 2012The Canada Revenue Agency (CRA) has announced the interest rates
which will be charged and paid by the federal government during the
months of April, May, and June 2012. Those rates are as follows:...
Obtaining tax information slips onlineRecipients of certain types of government benefits, including Old
Age Security, Canada Pension Plan, and Employment Insurance can
obtain the tax information slips (T4A (OAS), T4A(P), T4E) needed
to...
Prescribed interest rates for 2012The 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 2012, as w...
Significant job gains recorded for March 2012The most recent Labour Force Survey released by Statistics Canada
indicates that job growth during the month of March 2012 was
sufficient to bring the overall unemployment rate down to 7.2%.
Overal...
Strong job gains recorded for month of AprilThe latest issue of Statistics Canada’s Labour Force Survey
indicates that, for the second consecutive month, there was a
notable gain in overall employment. The Canadian economy grew by
58,0...
Unemployment rate down slightly for FebruaryThe latest issue of Statistics Canada’s Labour Force Survey
indicates that, while overall employment was unchanged for the
month of February 2012, there was a slight decline in the
unemployme...
resources such as informative articles (in our Newsletter section) and interactive financial calculators (in our Financial Tools section). In addition, we have taken the time to gather many links to external Websites that we felt would be of interest to our clients and visitors (in our Internet Links section) . Please feel free to contact us with any questions or comments you may have - we'd love to hear from you. We pride ourselves on being proactive and responsive to our clients' inquiries and suggestions.
