NEW MANDATORY tax reportingApril 2022
The federal government released the final legislation on expanded tax reporting requirements aimed at detecting and preventing inappropriate tax plans.
Canada's Budget 2022/23April 2022
The Canadian budget for 2022/23 was presented by the finance minister on April 7, 2022.
According to the new budget the corporate income tax rate for banks and insurance companies will rise from the current 15% rate to 16.1% in the tax year 2022 and to 16.5% in the tax year 2023.
The 15% tax rate for general companies and 9% for small companies will remain unchanged.
Canada Personal Tax Rates 2016February 2016
Starting January 1, 2016 there is a new reduced 20.5% federal tax rate in Canada for income between CAD 45,283- Cad 90,563 , compared to the previous 22% rate.
In addition there is a new top marginal tax rate of 33% for income exceeding CAD 200,000.
Canada Annual Tax Return FilingApril 2013
The Canada Revenue Agency, CRA, reminds Canadians to file their annual 2012 return till April 30, 2013.
For self-employed taxpayers the deadline filing date has been extended till June 17, 2013.
Canada's New Provincial Tax RatesJuly 2011
Starting July 1 there are certain changes in the provincial tax rates for Canadian corporations.
In New Brunswick the new higher rate is 10% compared to the previous 11% rate.
In Ontario the new higher rate is 11.5% compared to the previous 12% rate.
In Saskatchewan the new lower rate is 2% compared to the previous 4.5% rate.
Canada Turkey DAT Entry Into ForceMay 2011
The double taxation treaty, DTA, between Canada and Turkey which was signed on July 14, 2009 entered into force on May 5, 2011. The treaty which deals inter-alia with tax withholding rates for payments of dividend, interest and royalties will apply from January 1, 2012 onwards.
Canada's New 16.5% Corporate TaxJanuary 2011
Starting 1.1.2011 Canada's federal corporate income tax rate was reduced to 16.5%, compared to the previous 18% rate. The corporate income tax rate would be further reduced to 15% effective January 1, 2012.
The government of Canada released highlights for the 2011 tax relief which can be found on the website of Canada's Economic Action Plan www.actionplan.gc.ca.
Canadian Tax Rates 2010September 2010
There are no significant changes in the 2010 personal income tax rates which remain 15%-29% with minor changes in the tax bands.
The Canadian federal corporate tax rate in 2010 is 18%, compared to the 2009 rate of 19%.The corporate tax rate will be reduced to 16.5% in 2011 and 15% in 2012.
Ontario new Harmonized Sales TaxMay 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 2009February 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 2008February 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.
Note: The information in this site is for general guidance only. Users of this site are advised to take professional advice before taking practical tax decisions.
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