TAX CHECKLIST

Please note that our fillable Personal Tax Checklist is now available at www.pgcllp.ca or www.pgcllp.com.

2011 CORPORATE TAX RATES

Small business corporate tax rates for 2011 are as follows:

Alberta 14%
British Columbia 13.5%
Manitoba 12%
New Brunswick 16%
Newfoundland 15%
Northwest Territories 15%
Nova Scotia 15.5%
Nunavut 15%
Ontario 15.5%
Prince Edward Island 12%
Quebec 19%
Saskatchewan 15.5%
Yukon 15%

2011 PERSONAL TAX RATES

The top marginal tax rates for 2011 are as follows:

Alberta 39%
British Columbia 43.7%
Manitoba 46.4%
New Brunswick 41.7%
Newfoundland 42.3%
Northwest Territories 43.05%
Nova Scotia 50%
Nunavut 40.5%
Ontario 46.41%
Prince Edward Island 45.7%
Quebec 48.22%
Saskatchewan 44%
Yukon 41.76%

These rates are subject to change as each province presents its 2011 budget.

US TAX FILER ALERT

The IRS has offered a voluntary disclosure initiative for US tax filers that have not disclosed foreign accounts, assets or income to the IRS. This is the second time they have offered this opportunity for US filers to avoid some of the penalties related to the failure to file this information. The period covered by the disclosure initiative is 2003 to 2010. The filing deadline is August 31, 2011 and during this period the penalty will be reduced from 25% to 12.5% of the total balance of all of the accounts if the aggregate balance in each year is less than $75,000.

The filing requirement applies to both US personal tax filers and any corporate filings required by virtue of the fact that the corporation is controlled by a US person or persons.