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.
One Hour Canada
Property Tax Assessments to be Mailed Soon
21 Degrees One Hour
Crossfireconsulting Blog
Related Websites - Would You Take this Eight Figure Deal? Would You Offer it? While I like to attend the rare baseball game, and despite having a lot of die hard Met, Red Sox and Yankee fans in my life I am not by any means a "baseball fan."Â ...
- Tax Prep Tips for the Procrastinator This post is for the millions of Americans who wait until the final days to prepare and file their federal income tax returns. I am one of them, although strategically so. I haven't received a...
- The Flat Tax is NOT Fair (Below is a (slightly modified) reprint of a response I wrote to a blog post by the Financial Samurai. He was attempting to argue that fairest possible tax would be a completely flat tax, wherein...
- What Will It Take to Balance The US Budget? Well, it's coming up (again); the United States government needs to vote to increase its own borrowing authority in order to keep functioning. There's also that whole congressional super committee, down to their last week...
- Old Condo is Almost Rented As I've mentioned in the past, a surprise opportunity to relocate from Boston to Silicon Valley came across my doorstep. That left me with a decision to make about my condo. I had bought it...