Kenneth S Douglas

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ON – 2012 Corporate Tax Rates
As 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 – 2012 Individual Tax Rates and Brackets
Effective January 1, 2012, the provincial tax rates and income thresholds for Ontario are as follows:5.05% on the ...

ON – Changes to property tax treatment of renewable energy installations
Under new regulations which are effective as from January 1, 2011, Ontario residents who install renewable energy systems (e.g., solar or wind power) on their property will not, in most cases, face...

ON – Interest Rates—2012
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 chart below sets out...

ON – March 31 deadline for 30% tuition refund application
The province of Ontario provides post-secondary students whose parents have an annual income of less than $160,000 with a 30% reduction of tuition costs, beginning in January 2012.The tuitio...

ON – Personal Tax Credit Amounts for 2012
For 2012, the province will provide the following non-refundable personal tax credit amounts:Basic personal amount ………………………&he...

ON – Province launches tuition reduction program for post-secondary students
Effective January 1, 2012, the province of Ontario will be providing most post-secondary students in the province with a 30% reduction in tuition costs. The tuition reduction will be available to f...

ON – Schedule issued for benefits payments in 2012 and 2013
The Ontario government has issued a calendar listing the dates on which provincial benefits and credits will be paid during 2012 and 2013....

ON – SR&ED seminar schedule for 2011/12
The 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 expanded
The 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...

2011 individual income tax package available online
The individual income tax package for the filing of personal tax returns for the 2011 taxation year is now available on the Canada Revenue Agency Web site....

2011 T2 corporation income tax guide issued by the CRA
The Canada Revenue Agency (CRA) has issued the income tax guide to be used by Canadian corporations in completing their corporate income tax return for the 2011 tax year.The guide is current...

Automobile deduction limits and expense benefit rates for 2012
The Department of Finance has released the automobile expense deduction limits and the prescribed rates for the automobile operating expense benefit that will apply in 2012, and they are as follows...

Bank of Canada maintains interest rates at current levels
The Bank of Canada announced, on March 8, that in its view no change is needed to current interest rates. Consequently, the bank rate will remain at its current level of 1.25%.In its announc...

E-filing services now available for individual 2011 tax returns
Around the end of February, most Canadians will be receiving the information slips (T4s, T5s, etc.) containing the information needed to file their 2011 income tax returns.The Canada Revenue...

Eco-ENERGY retrofit program ends early
The 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...

Errata sheet issued for 2011 business and professional income reporting form
The CRA (Canada Revenue Agency) has announced that an error has been discovered in Form 2125, Statement of Business or Professional Activities (for 2011), which was distributed earlier this year. A co...

Federal budget date set for March 29, 2012
Minister 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...

First payment of 2012 individual income tax instalment payments due March 15, 2012
Individual who are required to make instalment payments of income tax for 2012 must make the first of those payments on March 15, 2012. Such individuals will have received an instalment payment rem...

Guide issued for e-filers of 2011 individual income tax returns
The Canada Revenue Agency (CRA) has issued its guide for e-filers of individual income tax returns for the 2011 tax year. The guide outlines federal and provincial/territorial changes to the tax re...

Inflation rate stands at 2.5% for January 2012
The 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...

NETFILE service for 2011 individual tax returns now available
The Canada Revenue Agency’s (CRA) NETFILE service for the online filing of 2011 individual income tax returns is now available on the CRA Web site at ...

New CPP election form now available on CRA Web site
Beginning in 2012, changes to the Canada Pension Plan will be made which will affect Canadians who are between the ages of 65 and 70 and, although currently receivin...

Obtaining tax information slips online
Recipients 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 2012
The 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...

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Douglas & Eacott Chartered Accountants

537 Yonge Street
Midland, Ontario
L4R 2C6
705-526-0599
fax 705-526-1411