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 - Comparatively Speaking A Million Dollars is Still a lot of Freaking Money I read a news story recently that reminded me that I hate when I hear, âa million dollars is not what it used to be.â   Well duh! But come on it is still a lot of...
- 2009 Purse for the US Open Tops the Records at $21.6 Million The US Open purse for the 2009 competition is going to top $21.6 million, which is going to mark the third year in a row that the prize money for this tournament has increased by...
- Easy Personal Finance Tips When you’re trying to save for the future and still manage to eat, it can be tough to find that right balance. We all need to plan ahead and having a savings account really is...
- Residual Income: Do what you want and still get paid [/caption] Greetings from The Pit @ the Univesity of New Mexico. Watching my boys play at Steve Alford's basketball camp. Good times and good people. Today's topic is one close to my heart because it...
- How Obama Might Affect Your Taxes And Personal Finances Barack Obama was voted the new president elect yesterday. Very early in the campaign, the number one issue changed from the war in Iraq to the slumping economy. Obama has preached change throughout his campaign...