Tax Resources
- Combined Federal and Ontario Personal Tax Rates
- Important Tax Dates
- RRSP Contribution Limits
- Ontario Land Transfer Tax Rates
- Toronto Land Transfer Tax
Combined Federal and Ontario Personal Tax Rates
| Taxable Income | Marginal Tax rate % |
|---|---|
| $0 to $9,600 | 0.00 |
| $9,601 to $12,002 | 15.00 |
| $12,003 to $15,324 | 27.10 |
| $15,325 to $36,020 | 21.05 |
| $36,021 to $37,885 | 24.15 |
| $37,886 to $63,423 | 31.15 |
| $63,424 to $72,041 | 32.98 |
| $74,042 to $74,716 | 35.39 |
| $74,717 to $75,769 | 39.41 |
| $75,770 to $123,184 | 43.41 |
| over $123,185 | 46.41 |
Back to the Top
Important Tax Dates
| Monthly by 15th | Employers to Remit Payroll deductions (EI,CPP,taxes) |
| Last day of Feb | Employers to distribute T4 and T4A to employees |
| March 15 | First instalment of CPP and taxes for Self Employed individuals |
| March 31 | Partnerships needs to file an Information Return |
| April 30 | File your T1 Personal income tax. Self employed individuals have until June 15th |
| June 15 | Second Instalment payment for Self Employed individuals |
| Sept 15 | Third Instalment payment for Self Employed individuals |
For Corporations
| Monthly | Remit payroll deductions from employee paycheques |
| Monthly | Pay installments of curent year taxes by last day of the month |
| Six Months from Corporate year end | Corporatons must file a T2 Corporation Income Tax Return no later than six months after Corporation's year end |
Back to the Top
RRSP Contribution Limits
| Year | 18% of prior year earned income to a maximum of: |
|---|---|
| 2008 | $20,000 |
| 2009 | $21,000 |
| 2010 | $22,000 |
Back to the Top
Ontario Land Transfer Tax Rates
0.5% of the value of consideration for the transfer up to and including $55,000,
1% of the value of the consideration which exceeds $55,000 up to and including $250,000, and
1.5% of the value of the consideration which exceeds $250,000, and
2% of the amount by which the value of the consideration exceeds $400,000 for land that contains at least one and not more than two single family residences.
Example: A $350,000 house will result in an Ontario Land Transfer Tax of:
| 0.50% of $55,000 | = | 275 |
| 1% of $195,000 | = | 1950 |
| 1.50% of $100,000 | = | 1500 |
| $3,725 |
Back to the Top
Toronto Land Transfer Tax Effective February 1, 2008
0.5% of the value of consideration for the transfer up to and including $55,000,
1% of the value of the consideration which exceeds $55,000 up to and including $400,000, and
2% of the value of the consideration of land containing one and/or two single family residences exceeding $400,000;
1.5% of the value of the consideration on commercial properties including multi-residential units exceeding $400,000 up to $40 million;
1% of the value of the consideration which exceeds $40 million.
For first time purchasers:
A rebate of up to $3,725 will apply to first-time purchasers of both new and existing homes. This means a full rebate for first-time buyers of homes valued at $400,000 or less. For example, a first-time purchaser of a home valued at $600,000 would pay land transfer tax according to the scale shown above, and receive a rebate of $3,725. A first time home buyer of a home valued at $300,000 would get a full rebate on the land transfer tax.
Back to the Top
The Proposed Tax Free Savings Account (TFSA)
The newly proposed TFSA allows taxpayers to earn investment income free of tax. Any withdrawals are 100% tax free. Unlike an RRSP, contributions are not tax deductible. All Canadian residences 18 years of age or older can open a TFSA. There is a maximum annual contribution of $5,000 (indexed to inflation) and any unused contribution room can be carried forward and added to the following year. One must be careful not to exceed the contribution limit as there is a 1 percent per month penalty for each month that the excess remains in the plan. Keep in mind that interest on money borrowed to invest in a TFSA is not tax deductible because growth in the TFSA is tax free.
Back to the Top
More Tax information and Strategies can you found by viewing the articles below: