Tax Alerts

The following information was shared earlier this year in a message to a range of stakeholder groups. It is now being shared directly with the EFILE community to increase awareness in advance of the upcoming T1 filing season. Shareholder-employees: Here’s what you need to know about claiming employment expenses. When you are an employee and …

Claiming Employment Expenses Read More »

Federal Government statistics released for the last 4 years confirm that the number of companies filing SRED claims has steadily decreased by over 15% from roughly 22,370 in 2014 down to 18,850 SRED claims in 2018! Some people have theorized that the explanation for this decrease includes; Canadian companies decreasing their R&D efforts and fewer …

SRED claims Read More »

The Ontario Minister of Finance has announced that the 2019 Fall Economic Statement will be brought down on Wednesday November 6, 2019. That economic statement will update the revenue, expenditure, and deficit projections which were announced in the 2019-20 provincial Budget. Once released, the Fall Economic Statement will be available on the Ontario Finance website …

ON – Date announced for 2019 Fall Economic Statement Read More »

The 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 for the fourth quarter of 2019 (October 1 – December 31, 2019) are as follows: 7% on taxes owed to the ministry …

ON – Interest Rates – 2019 Read More »

The Ontario government has released the Public Accounts which summarize the province’s financial position at the end of the 2018-19 fiscal year, which ended March 31, 2019. The related press release, which can be found on the Ontario Finance website at https://news.ontario.ca/tbs/en/2019/09/ontario-releases-2018-19-public-accounts.html,indicated that, owing to higher than anticipated revenues, the deficit for the year fell from …

ON – Province releases financial results for 2018-19 Read More »

The province of Ontario levies an Estate Administration Tax (formerly known as probate fees) on the total value of the estate of a deceased person. In this year’s budget, the provincial government announced that a number of changes would be made to that Estate Administration Tax, effective as of January 1, 2020. The changes announced …

ON – Information issued on upcoming changes to Estate Administration Tax Read More »