Taxing Times

Taxing Times November 2011

ESTATE ADMINISTRATION TAX (EAT)

EAT, more commonly referred to as probate fees, have been revised for Ontario. While a new regime will take effect January 1, 2013 to date the Ontario Government has not published any regulations or details to assist estate practitioners and administrators with preparations for

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Budget 2011 Part 2 eNewsletter

FEDERAL BUDGET 2011

On June 6, Finance Minister James Flaherty tabled the 2011 Federal Budget. This budget is essentially the same as the one from March 22 with a few tweaks.

PERSONAL TAX MEASURES

CHILDREN’S ARTS TAX CREDIT

Effective for the 2011 tax

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Budget 2011 eNewsletter

FEDERAL BUDGET 2011

On March 22, Finance Minister James Flaherty tabled the 2011 Federal Budget. On March 25 the government was brought down as the result of a non-confidence motion. This action has resulted in the budget papers dying and will require the introduction of a new budget once the

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Taxing Times July 2011

PRESCRIBED INTEREST RATES

CRA has announced the prescribed rates for the first quarter, April 1 to June 30, 2011. The following rates apply:

• Interest charged on overdue taxes – 5% • Interest paid on overpaid corporate tax – 1% • Interest paid on overpaid personal tax – 3% •

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Taxing Times March 2011

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

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Taxing Times February 2011

AUTOMOBILE DEDUCTION LIMITS FOR 2011

Once more the Ministry of Finance has failed to recognize the increased costs of owning and operating a vehicle as they announce the new numbers (that are the same as the old numbers from 2010) which are as follows:

The maximum

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Taxing Times January 2011

HAPPY NEW YEAR

From everyone at Parker Garber & Chesney LLP to all of our clients and friends, we wish you the best of the new year.

PRESCRIBED INTEREST RATES

CRA has announced the prescribed rates for the first quarter, January 1 to

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Taxing Times November 2010

ESTATE PLANNING

There are a number of essentials to consider when putting an estate plan into place. These include a will, powers of attorney for both property and care and beneficiary designations.

In addition, consideration should be given to estate freezes, shareholder agreements and

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Taxing Times October 2010

PRESCRIBED INTEREST RATES

CRA has announced the prescribed rates for the fourth quarter, October 1 to December 31, 2010. The following rates apply:

• Interest charged on overdue taxes – 5% • Interest paid on overpaid corporate tax – 1% • Interest paid on overpaid personal tax – 3% •

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Federal Budget 2010

FEDERAL BUDGET 2010

On March 4, 2010 Finance Minister Jim Flaherty introduced the Federal Budget for 2010 with an expected deficit for coming year of $53.8 billion. Generally speaking the budget does not call for any tax increases or tax cuts. The government will go ahead with the planned second half

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