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Ontario Income Tax News

Nurse practitioners can now certify the Disability Tax Credit Certificate

Feb 1, 2018

Did you know that nurse practitioners can now fill out and sign Form T2201, Disability Tax Credit Certificate? This ensures more options for Canadians who want to apply for the disability tax credit (DTC), making the application process easier and more accessible. Through Budget 2017, the Government of Canada has made a change to recognize nurse practitioners…

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Canada Revenue Agency announces maximum pensionable earnings for 2018

Jan 27, 2018

The maximum pensionable earnings under the Canada Pension Plan (CPP) for 2018 will be $55,900—up from $55,300 in 2017. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada. Contributors who earn more than $55,900 in 2018 are not required…

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Government Announces the 2018 Automobile Deduction Limits and Expense Benefit Rates for Businesses

Jan 27, 2018

December 22, 2017 – Ottawa, Ontario – Department of Finance Canada The Department of Finance Canada today announced the income tax deduction limits and expense benefit rates that will apply in 2018 when using an automobile for business purposes. Most of the limits and rates that applied in 2017 will continue to apply in 2018,…

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Small Business Tax Rate Drops in 2018

Jan 27, 2018

December 28, 2017 – Ottawa, Ontario – Department of Finance Canada When you have an economy that works for the middle class, you have a country that works for everyone. The Government is committed to building a strong economy and a fairer and more efficient tax system that benefits all Canadians. That is why as…

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Changes in 2016

Jan 27, 2018

Income splitting tax credit – The family tax cut has been eliminated for the 2016 year and future tax years. However, if you are receiving a pension, you may be able to split your eligible pension income with your spouse or common-law partner to reduce your taxes. Children’s fitness tax credit – For 2016, the maximum…

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The Canada Revenue Agency and Revenu Québec announce measures in support of the community organizations involved in the Volunteer Program

Feb 8, 2017

Montréal (Quebec), January 28, 2017 The Honourable Diane Lebouthillier, Minister of National Revenue and Quebec Finance Minister Carlos J. Leitão are happy to announce the creation of a discussion forum in support of the community organizations that are involved in the Volunteer Program. The announcement was made during a volunteer training day held in Montréal.…

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Government of Canada participates in meeting of tax administrations to share findings on Panama Papers

Feb 8, 2017

January 20, 2017                       Ottawa              Canada Revenue Agency Hard-working Canadians who pay their taxes to support the social programs that benefit all Canadians are tired of seeing certain wealthy individuals and large corporations not pay their part. This is not fair and has to change. The Honourable Diane Lebouthillier, Minister of National Revenue, today highlighted that…

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Do you own foreign property that needs to be reported to the Canada Revenue Agency? If so, you may be able to take advantage of a new simplified reporting method

Sep 27, 2016

Did you know? Taxpayers who own specified foreign property costing more than $100,000 but less than $250,000throughout the year can now file Form T1135, Foreign Income Verification Statement using a new simplified reporting method. This simplified reporting method reduces your paperwork while allowing the CRA to continue to address international tax evasion and aggressive tax…

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5 ways to brighten your financial future

Sep 27, 2016

Did you know? November is Financial Literacy Month in Canada. Financial literacy is defined as having the knowledge, skills and confidence to make responsible financial decisions at any stage of your life. The Canada Revenue Agency (CRA) is proud to celebrate Financial Literacy Month and offers the following facts and helpful planning tips. Important facts…

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Teach students about taxes!

Sep 27, 2016

Teaching Taxes This product provides secondary school students with information about Canada’s tax system, and their rights and responsibilities as taxpayers. It’s a great tool to help students get it right from the start and meet their tax obligations. The learning material is provided in 180 minutes of in-class instructions and exercises, available in a…

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Beware of scammers impersonating the Canada Revenue Agency

Mar 1, 2016

Quick facts The RCMP plays a crucial role in educating the public about scams, and has a number of programs in place to track fraud, including one run by the Canadian Anti-Fraud Centre (CAFC). The CAFC monitors all types of scams, and warns Canadians to be on the lookout for scammers during the upcoming tax…

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Did you know? The Canada Revenue Agency (CRA) is redesigning its external correspondence.

Feb 16, 2016

What does this mean for you? Starting in February 2016, the CRA will begin sending a new, simple, and easy to read NOA. The re-designed NOA will have the most important information on the first page, set out in a clear and simple format. How has the NOA improved? The most important information is clearly…

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