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ON - Province introducing legislation to implement ORPPThe provincial government has announced that legislation to implement the Ontario Retirement Pension Plan (ORPP) is being introduced.
ON - Province seeking input on regulation of financial planning servicesIn July 2015, the provincial government announced that it would be reviewing the regulation of financial advisory and planning services in Ontario. ON - New minimum wage rates to take effect October 1, 2016The government of Ontario has announced that the province’s general minimum wage will be increased, effective as of October 1, 2016.
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. ON - Province to eliminate tuition and education tax creditsAs part of the re-structuring of its financial aid program for post-secondary students, the province will be eliminating the current non-refundable tuition and education tax credits.
ON - Province restructures post-secondary student financial assistance programsThe 2016-17 Ontario budget included an announcement of a major restructuring of the province’s financial assistance programs for students pursuing post-secondary education. 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. ON - New design details announced for Ontario Retirement Pension PlanThe provincial government has announced additional details of the structure of the Ontario Retirement Pension Plan (ORPP), which is scheduled to be implemented effective January 1, 2017. ON - Province launches 2016 pre-Budget consultationsOntario Finance has announced that the province has launched the consultation process leading to the 2016-17 provincial Budget. ON - 2016 Personal Tax Credit AmountsFor 2016, the province will provide the following non-refundable personal tax credit amounts. ON - Province launches 2016-17 budget consultation processThe province has begun its consultation process for the 2016-17 Budget with the launch of a budget consultation website. ON - New minimum wage rates in effectChanges made to the minimum wage payable in Ontario took effect as of October 1, 2015. 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. ON - Province releases final fiscal results for 2014-15The government of Ontario has announced that final fiscal results for 2014-15 show that the province has bettered its deficit target by $2.2 billion.
ON - Accessing Ontarioa€™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.
ON - Changes to be made to provincial student loan programsAs announced earlier this year, changes are being made to the Ontario Student Assistance Program, which provides financial aid for qualifying post-secondary students in the province. ON - Driver and vehicle licencing fees increase September 1A two-stage increase in licencing fees for both drivers and vehicles will be implemented in the province this fall. ON - Online tax calculator available for Ontario refundable tax creditsThe province provides a number of refundable tax credits which are paid to eligible recipients on a periodic basis through the year. ON - Province releases details of Ontario Retirement Pension PlanFollowing a consultation process, the Ontario government has announced details of the planned Ontario Retirement Pension Plan (ORPP). ON - Province launches consultation on financial planning servicesThe province of Ontario does not currently have any general legal framework to regulate the activities of individuals who offer financial planning, advice, and services. ON - New rules for debt settlement companies effective July 1As of July 1, 2015, new rules will apply to debt settlement companies operating in the province. ON - Province sets rent increase guideline for 2016The Ontario government has announced that the residential rental increase guideline for 2016 has been set at 2%. ON - Legislation in place to provide for pooled registered pension plansThe Ontario government has announced that legislative approval has been given to allow pooled registered pension plans (PRPPs) to be established in the province. ON - Ontario Sound Recording Tax Credit eliminatedThe Ontario government has announced, as part of its 2015-16 Budget, that the Ontario Sound Recording Tax Credit will no longer be provided.
ON - 2015 Personal Tax Credit AmountsFor 2015, the province will provide the following non-refundable personal tax credit amounts.
Federal government to provide matching program for wildfire relief donationsThe federal government has announced that it is providing a matching program for qualifying charitable donations made to the Red Cross for relief efforts related to the Fort McMurray wildfire. Federal government fiscal results for February releasedThe revenue and expenditure figures for the federal government for the month of February 2016 and the year-to-date figures for 2015-16 have been released by Finance Canada. 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.
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. May 2 deadline for payment of all personal income taxes owed for 2015The Canada Revenue Agency (CRA) has issued a notice reminding taxpayers that the due date for payment of all personal income taxes owed for the 2015 tax year is Monday May 2, 2016. Volunteer tax return preparation services availableDuring each tax filing season, a number of volunteer tax return preparation clinics are provided to assist taxpayers in the preparation and filing of their returns. 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. 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.


CRA provides extended hours for taxpayer enquiries lineAs it does during each tax filing season, the Canada Revenue Agency (CRA) has extended the hours of service for its Individual Income Tax Enquiries Line. 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.
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.
Budget 2016 - Childrena€™s Fitness and Arts Tax CreditsThe children’s fitness tax credit provides a refundable tax credit of up to $1,000 of eligible fitness expenses for children under 16 years of age at the beginning of the year. Budget 2016 - Tax Changes for StudentsThe Budget proposes to increase Canada Student Grant amounts by 50%. 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). 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.
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. Bank of Canada maintains interest rates at current levelsIn its regularly scheduled interest rate announcement made on March 9, the Bank of Canada indicated that, in its view, no changes are needed to current rates.
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. Upcoming deadline for first tax instalment payment for 2016For the millions of Canadians who pay income tax by quarterly instalment payments, the first payment deadline for 2016 is approaching. Significant increase in inflation rate for JanuaryThe most recent release of Statistics Canada’s Consumer Price Index shows a significant rise in inflation for the month of January, when the year-over-year inflation rate rose to 2%. 2016-17 federal Budget date announcedFinance Canada has announced that the 2016-17 federal Budget will be brought down on March 22, 2016. 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. New CRA service available for preparation of personal income tax returnsThe Minister of National Revenue has announced a new feature which will be available when filing individual income tax returns for the 2015 tax year.
Bank of Canada maintains interest rates at current levelsIn its regularly scheduled interest rate announcement made on January 20, the Bank of Canada indicated that no change would be made to current interest rates. Federal individual tax credits for 2016Dollar amounts on which individual non-refundable federal tax credits for 2016 are based, and the actual tax credit claimable, will be as follows. Canada Revenue Agency provides grace period for implementation of 2016 source deductionsChanges to federal individual income tax rates for 2016 were put in place late in 2015.
Automobile deduction rates and limits for 2016 announcedThe Department of Finance has announced the automobile expense deduction limits which will apply for the 2016 calendar year. Changes in personal income tax rates to take effect for 2016The federal government has announced that, effective as of January 1, 2016, a new federal individual income tax bracket will be created.
Bank of Canada maintains interest rate at current levelIn its regularly scheduled interest rate announcement made on December 2, the Bank of Canada indicated that, in its view, no change is warranted to current interest rates. 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.
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.
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%. 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. Canada Pension Plan contribution amounts for 2016 announcedThe Canada Revenue Agency (CRA) has announced the Canada Pension Plan (CPP) contribution rates and maximum pensionable earnings which will apply during 2016. 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. 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.
Bank of Canada maintains interest rates at current levelsIn its regularly scheduled interest rate announcement made on October 21, the Bank of Canada indicated that no change would be made to current rates. CRA issues updated form for reduction in employee tax withholdingsEmployed taxpayers have income tax deducted at source from their paycheques and remitted on their behalf to the Canada Revenue Agency (CRA).
Slight increase in unemployment rate for SeptemberThe most recent release of Statistics Canada’s Labour Force Survey indicates that full-time employment declined during the month of September by 62,000 positions.
Bank of Canada releases interest rate announcement dates for 2016The Bank of Canada has released the schedule on which interest rate announcements will be made during 2016.
Prescribed interest rate for leasing rules announcedThe Canada Revenue Agency (CRA) has announced the prescribed interest rate which will apply for the purpose of leasing transactions during the month of October 2015, and that rate is 3.08%.


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. Changes to Old Age Security rates effective October 1The federal government has announced the Old Age Security rates which will be in effect from October 1 to December 31, 2015.
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. Federal government pledges matching program for donations to Syrian refugee reliefThe federal government has announced that it will create a Syrian Emergency Relief Fund and will match eligible donations made to registered charities by Canadians. Bank of Canada maintains interest rates at current levelsIn its regularly scheduled interest rate announcement made on September 9, the Bank of Canada indicated that no change would be made to current interest rates. September 15 deadline for third individual instalment paymentIndividual taxpayers who pay income tax by instalments will be required to make the third instalment payment for 2015 on or before Tuesday, September 15.
CRA posts advisory for charities on prohibited political activitiesThe Canada Revenue Agency (CRA) has issued a reminder to registered charities of the requirement that they refrain from allocating any of their resources to partisan political activities.
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. CRA issues instalment reminders for September and DecemberThe Canada Revenue Agency (CRA) has issued instalment reminders for taxpayers with respect to the upcoming individual income tax instalment payment deadlines of September 15 and December 15, 2015.
Canada Revenue Agency issues update to payroll deduction formulasThe Canada Revenue Agency (CRA) has issued an update to its publication T4127, Payroll Deductions Formulas, to reflect provincial changes which will take effect as of October 1, 2015.
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.
Prescribed interest rate for leasing rules announcedThe Canada Revenue Agency (CRA) has announced the prescribed interest rate which will apply for the purpose of leasing transactions during the month of September 2015, and that rate is 3.09%. NETFILE service for 2014 tax returns still availableAlthough the individual filing deadlines for 2014 tax returns have passed, it is still possible to file a 2014 return online. Bank of Canada provides interest rate announcement dates for 2016The Bank of Canada has released the listing of dates on which regularly scheduled interest rate announcements will be made during 2016. Tax relief available to those affected by wildfiresThe Minister of National Revenue has issued a release reminding individuals and businesses who have been affected by this summer’s wildfires of the availability of tax relief. 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.
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.
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. 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%. CRA provides checklist for small business start-upsThe CRA website includes a checklist for Canadians who are starting a small business.
Canada Revenue Agency changing to payments by direct depositBy 2016 the federal government, including the Canada Revenue Agency (CRA), will be phasing out cheques in favour of direct deposit of all government payments to taxpayers. Changes to amounts payable under federal benefit and credit programs effective July 1July 1 marks the start of a new benefit year for many refundable tax credit and benefit programs administered by the federal government. June 30 deadline for filing of reportable transaction information returnThe Canada Revenue Agency (CRA) has issued a reminder to taxpayers of the upcoming filing deadline with respect to reportable transactions. Significant increase in employment numbers for MayThe most recent release of Statistics Canada’s Labour Force Survey indicates that employment during the month of May increased by 59,000, most of that in the private sector. June 15 individual income tax instalment due dateIndividual taxpayers who pay income tax by instalments must make those instalment payments on the 15th day of the last month in each calendar quarter.
June 15 filing deadline for self-employed taxpayersThe deadline for self-employed taxpayers and their spouses to file their tax returns for the 2014 tax year is Monday June 15, 2015. Bank of Canada leaves interest rates at current levelsIn its regularly scheduled interest rate announcement issued on May 27, the Bank of Canada indicated that no changes are needed to current interest rates. Payroll deduction formulas for July 1, 2015 issued by the CRAEach year, a number of tax changes, both federal and provincial, take effect on July 1, halfway through the tax year. Old Age Security and Canada Pension Plan payment dates for 2015The federal government has issued a listing of the dates on which direct deposit payments of Old Age Security (OAS) and Canada Pension Plan (CPP) will be made during 2015. Federal individual tax credits for 2015Dollar amounts on which individual non-refundable federal tax credits for 2015 are based, and the actual tax credit claimable, will be as follows.



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