Tag Archives: Personal Income Tax

Moving Manitoba families forward with tax cuts

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Finance Minister Rosann Wowchuk introduced the Budget Implementation and Tax Statutes Amendment Act which would implement Budget 2011 and provide $65 million in tax cuts for families and businesses this year.

We have stayed on track with our five-year economic plan to ensure families have access to vital front-line services and also deliver significant tax savings for families. This year, tax cuts will save a family of four $212 and by 2014 that same family of four will save $374 a year.

The bill will deliver on nearly $110 million in new tax reductions once they are fully implemented and would freeze or reduce major taxes for the 12th consecutive year. Tax reductions proposed for families and property owners include:

• Increasing the basic Education Property Tax Credit by $50 to $700, which would save renters and homeowners an extra $16 million this year.

• Increasing basic personal income tax exemptions by $1,000 over four years, starting with $250 this year. By 2014, an additional 22,000 Manitobans would no long pay Manitoba income tax.

• Implementing a new Children’s Arts and Cultural Activity Tax Credit, to help parents introduce their children to activities such as art, music, drama, language instruction, environmental activities and personal tutoring.

• Increasing the maximum seniors’ Education Property Tax Credit by $150 to $950 in 2011. This credit would rise by $75 to $1,025 in 2012 and by another $75 to $1,100 in 2013.

• Increasing the Primary Caregiver Tax Credit by 25 per cent to a maximum of $1,275 to assist families caring for elderly Manitobans and other loved ones.

• Increasing the Farmland School Tax Rebate to 80 per cent from 75 per cent, which would save farmers an additional $2 million this year for a total of over $35 million annually.

This legislation would guarantee that provincial revenue sharing with municipalities will be no less than one-seventh of provincial sales tax revenue.

The minister noted the provincial small business income tax and the general corporation capital tax were completely eliminated this year. Other tax reductions for business would include:

• Increasing the Green Energy Equipment Tax Credit to 15 per cent from 10 for installations of geothermal heating systems.

• Creating a new Cultural Industries Printing Tax Credit to provide a 15 per cent refundable credit to support Manitoba-based printers.

• Providing a Capital Tax Exemption for small banks to attract and encourage the expansion of small, innovative financial institutions in Manitoba.

• Introducing a new employee share purchase plan tax credit to help business succession planning.

http://www.mysteinbach.ca/blogs/2253.html

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Ontario senior homeowners can get tax grant

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Seniors who own their own homes will be happy to hear that they may be eligible for the Ontario Senior Homeowners’ Property Tax Grant to help them pay their property taxes.

“The Ontario Senior Homeowners’ Property Tax Grant is designed for eligible senior homeowners with low and moderate incomes,” says Chartered Accountant Rosa Maria Iuliano, Tax Partner, Collins Barrow Ottawa LLP. “The maximum grant for the 2011 tax year is $500.”

To obtain this grant, you must file Form ON-BEN, Application for the 2011 Ontario Senior Homeowners’ Property Tax Grant, the 2011 Ontario Energy and Property Tax Credit, and the 2011 Northern Ontario Energy Credit with your personal income tax return. While the grant is based on your income tax return, the grant cheque is mailed separately. You will usually receive it four-to-eight weeks after your tax return is assessed.

To qualify for this grant, you must, effective December 31 of the prior year: reside in Ontario; own and occupy your principal residence and have paid property taxes; be 64 years of age or older; and apply for it by filing the form noted above with your tax return.

“Only one grant is allowed per couple,” Iuliano continues, “and the amount of the grant will be restricted based on your income.

“Single seniors who paid over $500 in property taxes and have income under $35,000 will receive the full grant. If their income is between $35,000 and $50,000, the grant is proportionately smaller. If your income exceeds $50,000, no grant is available. Senior couples will qualify for the full $500 grant if their combined income is less than $45,000. If their income is between $45,000 and $60,000, they will receive proportionately less. When their combined income exceeds $60,000, no grant is payable.”

If you were eligible for the grant in 2010 but forgot to apply for it when you filed your 2009 tax return, you can still apply. To do so now, you must request an adjustment to your 2009 tax return and file the 2009 form ON479.

This grant is in addition to the Ontario Energy and Property Tax Credit which you apply for on your tax return, on Form ON479, Ontario Credits.

http://www.thebulletin.ca/cbulletin/content.jsp?ctid=1000009&cnid=1002723

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Manitoba drops small business tax to zero

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December 1 marks the day that Manitoba transforms into a zero-per-cent small-business tax rate province in Canada.

This move by the Manitoban government was commended by Catherine Swift, president of the Canadian Federation of Independent Business (CFIB). It allows small business to keep more of their profits and reinvest in their companies, their employees and their communities.

Similar t to the personal income tax system, all business pay a reduced provincial corporate income tax rate up to a provincial threshold, which varies between $ 400,000 and $ 500,000. After that threshold, the higher general corporate tax rate applies.

But make no mistake—businesses in Manitoba still pay a host of taxes and contribute to the functioning of government. Nonetheless, this is a step in the right direction.

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Income Tax Cut for 93% of Ontario Taxpayers

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McGuinty Government’s Tax Changes To Create Jobs, Attract Investment

Starting January 1, 2010, 93 per cent of Ontario income tax payers will get a permanent tax cut, as part of a comprehensive tax plan that will help create 591,000 jobs and make the province more attractive for new business investment.

The province is cutting the first income bracket tax rate by one percentage point, from 6.05 per cent to 5.05 per cent. As a result, Ontario will have the lowest tax rate of all provinces on the first income bracket, and an additional 90,000 lower income Ontario taxpayers will no longer pay any provincial personal income tax.

The comprehensive package also includes $10.6 billion in direct payments and permanent tax relief, including the following:

  • Starting in August, nearly 3 million low- to middle-income Ontario families and individuals will receive a new, permanent Ontario Sales Tax Credit of up to $260 for each adult and child per year – one of the most generous in Canada.
  • An additional $270 million in annual property tax relief, through enhancements to the Ontario Property Tax Credit, will benefit 2.3 million low- to middle-income homeowners and tenants.
  • Starting in June 2010, Sales Tax Transition Benefits will benefit 6.5 million Ontario families and individuals – totalling up to $1,000 for families (including single parents) and up to $300 for single people – in 2010 and 2011.

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RCMP mount up for checkstop season

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‘Tis the season for family gatherings, celebrations and checkstops.

Manitoba’s RCMP detachments begin their annual Christmas checkstop campaign today, joining other police agencies in the province, including Winnipeg police.

The RCMP campaign runs until Jan. 4. Officers will be looking for impaired drivers and people who aren’t wearing a seatbelt in locations across Manitoba. Police are urging people to buckle up and not get behind the wheel if they’ve been drinking.

Tories propose land-tax relief

The Manitoba Tories proposed a new law yesterday that would exempt first-time home buyers from the land transfer tax.

Tory finance critic Rick Borotsik introduced a private member’s bill yesterday that would allow anyone who had not previously owned a property, or whose spouse has not previously owned a property, to be exempt from paying the tax, which usually adds a few thousand dollars to a real estate purchase. Borotsik said his bill has the support of realtors’ associations in the province.

Finance Minister Rosann Wowchuk suggested the bill won’t make the cut as their focus has been on personal income tax and school tax.

Fire victim identity confirmed

Police have confirmed the victim of a fatal house fire in Winnipeg earlier this week is a widower whose wife died last spring.

Millard Haluk, 71, and his pet dog died in the blaze, which was accidental, police said. A fire official previously said the cause was electrical in nature. The fire, at Haluk’s Elmwood home at 598 Talbot Ave., was reported Monday at 6:50 a.m.

Haluk’s body was found near the back of the house on the main floor. It appeared the fire started at the rear.

Friends said Haluk was a hoarder who collected so many objects there was little room to move in the home.

This raised questions whether the home’s condition prevented his escape. Damage is estimated at $250,000, police said.

Friends said Haluk had been heartbroken and depressed since his 62-year-old wife, June, died in May.

http://www.winnipegsun.com/news/manitoba/2009/12/04/12033021-sun.html

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Smith touts tax plan

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Nipissing MPP Monique Smith issued a media release Tuesday touting the benefits the Ontario Tax Plan for More Jobs and Growth Act, which includes the harmonized sales tax legislation.

If passed, the act will increase business investment, create new jobs and raise incomes for Ontarians, the release said.

The release said along with the proposed harmonized sales tax, 93% of taxpayers will pay less personal income tax, while 90,000 low-income Ontarians will no longer pay provincial personal income tax.

The province is also proposing to almost double the property tax and sales tax credits.

Proposed tax cuts for business would enhance the benefits of the proposed HST by attracting more investment into Ontario, said the release.

The personal income and corporate tax reforms include a 16.5% tax cut on the first $37,106 of taxable income — which would make Ontario’s the lowest personal income tax rate of any province in Canada; an average personal income tax cut of 10% for Ontario families and individuals earning up to $80,000.

The act also includes an 18% tax cut for small businesses and a 17% tax cut for manufacturers.

http://www.nugget.ca/ArticleDisplay.aspx?e=2181618

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New Regulations Aiming to Soost Manitoba business investments

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Recently, an announcement was made by Rosann Wowchuk, Minister of Agriculture, Food and Rural Initiatives; it is about a new regulation that aims to provide Manitoba enterprises with increased access to capital under the Community Enterprise Development Tax Credit. The said program will give the locals valuable personal tax credits for investing in community-based projects.
The amendment to the Community Enterprise Development Tax Credit Regulation will elevate the share approval limit for the planned project from $500,000 to $1,000,000. When the proposed project is authorized, a company releases shares eligible for the tax credit.  In return, people who invested with the shares receive a personal income tax credit equal to 30 percent of their investment. Be reminded that the maximum investment limit for an investor is $30,000 which is equivalent to tax credit of $9,000. Investments can be accomplished either directly in an investor’s own name, through their retirement savings plan (RRSP) or through their tax-free savings account.

Recently, an announcement was made by Rosann Wowchuk, Minister of Agriculture, Food and Rural Initiatives; it is about a new regulation that aims to provide Manitoba enterprises with increased access to capital under the Community Enterprise Development Tax Credit. The said program will give the locals valuable personal tax credits for investing in community-based projects.

The amendment to the Community Enterprise Development Tax Credit Regulation will elevate the share approval limit for the planned project from $500,000 to $1,000,000. When the proposed project is authorized, a company releases shares eligible for the tax credit.  In return, people who invested with the shares receive a personal income tax credit equal to 30 percent of their investment. Be reminded that the maximum investment limit for an investor is $30,000 which is equivalent to tax credit of $9,000. Investments can be accomplished either directly in an investor’s own name, through their retirement savings plan (RRSP) or through their tax-free savings account.


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New Regulation to provide Manitoba Businesses with increased access to capital, encourage investment in Manitoba businesses

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Agriculture, Food and Rural Initiatives Minister Rosann Wowchuk today announced a new regulation to provide Manitoba businesses with increased access to capital under the Community Enterprise Development Tax Credit.

“This program provides Manitobans with valuable personal tax credits for investing in community-based project,” said Wowchuk. “We are now doubling the value of shares a business can apply for under the credit, supporting innovation and skill development for businesses while strengthen our economy and keeping investment dollars close to home.”

The amendment to the Community Enterprise Development Tax Credit Regulation will increase the share approval limit for a proposed project from $500,000 to $1,000,000. Once a project is approved, a company issues shares eligible for the tax credit. People who invest in these shares receive a personal income tax credit equal to 30 percent to their investment.

The maximum annual investment limit for an individual investor is $30,000, equal to a maximum tax credit of $9,000. The investments can be made either directly in an investor’s own name, through their retirement savings plan (RRSP) or through their tax-free savings account.

The change to the program is just one part of Manitoban’s economic plan to keep moving forward including a number of initiatives announced in Budget 2009 such as:

•Doubling the funding for the Community Enterprise Investment Tax Credit, providing $17 million more in investment capital for small- and medium-sized businesses.
•Tripling the amount available under the Manitoba Industrial Opportunities Program (MIOP)
•Expanding apprenticeship tax credits to include advanced level apprentices;
•Extending the co-op student and graduate components of the Co-op Education and Apprenticeship Tax Credit, the most comprehensive credit of its kind in the country.
•Implementing parallel business tax changes announced in the 2009 federal budget including increased depreciation rates for manufacturing machinery and equipment, as well as computer systems;
•Extending the Green Energy Equipment Tax Credit to include solar thermal systems in addition to geothermal systems;
•Doubling the basic credit for agricultural producers who take action to protect riverbanks and lakeshore areas under the Riparian tax Credit program beginning in 2009;
•Making the retail sales tax exemption for manure slurry tanks and lagoon liners permanent to help livestock producers meet their environmental responsibilities; and
•Extending the Odour Control Tax Credit to the end of 2011.

Since 2003, more than $1.8 million in investments have been made through the tax credit program, representing more than $548,000 in tax credits for Manitobans.

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Manitoba "Land Transfer Taxes"

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The late President Ronald Reagan had a classic statement that nothing was more permanent than a government department.  The same can be more than said concerning taxes – especially taxes and taxes for real estate and real estate fees for example.  The old joke – only it is no joke at all – is that “I am from the Goverment I am here to help you .”  The corally  might be as to why government civil servants do not look out of the window in the morning – its because then they would have nothing to do in the afternoon and would be bored.  ( all the while while putting in times towards their lucrative and well deserved ? pensions)  Nothing is for nothing so it is said and there is no such thing as a free luinch.

An example is point is the increase in land transfer titles in the province of Manitoba over the last number of years.  On top of that it might be noted that the land title taxes were not small to begin with .  As well in NDP land it was only the “rich”  who were supposed to pay these land transfer taxes.  Anyone hear of the land title transfer threshold hold being revised in light of vastly higher property values.

Shameless tax grab – Winnipeg Free Press – In the case of the Winnipeg family of five, their tax is almost as much as they will pay in net municipal and education property taxes. Think about it: For the same price the province charged to register their property, they will pay …

The comedy might be that many of these City of Winnipeg civil servants and union workers flee the city for the suburbs just outside the city as :”taxes are so high” .  Wonder why.

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Overall Predictions Civic Tax Rolls Revenues

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As Pennsylvania heads into the second half of its fiscal year, expectations of a slowing economy don’t have the state’s top tax collector seeing a rosy future for revenues.

“We need to be cautious as we go into this budget season of doing things with the assumption this is a rosy picture,” Department of Revenue Secretary Tom Wolf said Thursday as he discussed the state’s revenue and the outlook for 2008.

That doesn’t mean Wolf is seeing red, either.

State revenues in December came above last year’s estimates, but Wolf said those numbers don’t necessarily mean the state has experienced or will continue to see significant gains over last year.

Wolf stressed that revenue projections, used by the Legislature and the Rendell administration to come up with the budget, are produced using objective numbers, but it’s still a process that relies on looking backward and is anything but exact.

With talk of a possible recession in 2008, Wolf said trying to pin down where the state will be financially 18 months from now is dicey.

“When you try to predict a change — and inflection point — you run into a real problem,” Wolf said.

Even with the standard definition of a recession — two or more consecutive quarters with negative growth in the gross domestic product — not yet met, Wolf said the state’s data indicate a 1.1 percentage point growth in the GDP for the fourth quarter of 2007 and forecast the first quarter of this year to be 0.6 percent.

The state’s personal income tax revenues to date are described by Wolf as flat, and its take from sales and use taxes —numbers that won’t be in until later this month — are expected to be sluggish. Wolf also said the realty transfer tax take is down as well.

Wolf’s assessment of the state’s revenue comes a day after House Republicans unveiled two bills to lower the personal income tax.

House Bill 1641 would drop the rate from 3.07 percent to 2.99 percent, and House Bill 1092 would drop it to 2.93 percent in the first year and to 2.8 percent in the second year.

Cutting taxes is one way to spur a slow economy because it puts money back in people’s pockets, said Nate Benefield, director of policy research for the Commonwealth Foundation, a nonpartisan Pennsylvania think tank.

Benefield said revenue projections are always a little bit off, although during the past several years, Pennsylvania’s projections have involved growth with revenues coming in above expectations.

Benefield said although Pennsylvania’s economy is growing slowly, it still lags behind the rest of the country.

“The economy is growing, although it could be doing a lot better than the national average,” Benefield said.

Whether or not a recession will hit is like trying to predict a long winter, he said.

Daniel DiLeo, Penn State-Altoona professor of political science, said if the revenue outlook does become bleak, it could effect the state’s largest expenditures, such as education and Medicaid.

http://www.altoonamirror.com/page/content.detail/id/503526.html?nav=742

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