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Ontario new Harmonized Sales Tax May 2009 The Ontario government announced in April 2009 a new HST, Harmonized Sales Tax, effective 1.7.2010. The new 13% HST will harmonize the existing 8% provincial sales tax with the federal 5% GST. In general the HST principles will be similar to the existing GST rules and the HST in the provinces of Newfoundland, Nova Scotia and New Brunswick. The HST registrants will file a single report, replacing the GST and provincial reports. The threshold for HST registration is an annual turnover exceeding $ 30,000. Canada Budget 2009 February 2009 The Canadian minister of finance Jim Flaherty presented on January 27, 2009 the federal budget for 2009, containing some tax measures. For individuals, the 2009 budget proposes to increase the tax brackets for the first two lowest brackets of 15% and 22%, as well as new/updated tax credits for individuals, including home buyers and owners. For companies, Canada 2009 budget proposes to increase the threshold of the reduced federal corporate tax rate of 11% for Canadian controlled private corporations , CCPC, from the current $ 400,000 to $ 500,000, effective from 1.1.2009. The finance minister also plans to achieve a combined federal and provincial territorial tax rate of 25% by 2012. The 2009 budget proposes to repeal section 18.2 relating to deductibility of interest expenses related to investment in foreign affiliates. For more details please see www.budget.gc.ca Canada Tax Rates 2008 February 2008 From 1.1.2008 the GST (Goods and Services Tax) tax rate is 5%, compared to the previous rate of 6%. The HST (Harmonised Sales Tax ) is 13%, compared to the previous rate of 14%. The federal income tax rate for individuals is 15%-29%.Provincial income tax rates are 10%-24%. The federal corporate income tax rate for 2008 is 19.5%.There is no federal surtax in 2008. The provincial income tax rates are 10%-16%. You can find detailed information about Canada's income tax rates for 2008 in Canada Revenue Agency site. Canada Tax News 2009 | Canada GST and other Taxes | Canada Taxes | Canada Double Taxation Prevention Treaties

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