Ontario’s Government handed down a budget that forecasts a deficit of $21.3 billion for 2009-10 and $19.7 billion for 2010-11. The budget also sets out an eight-year plan to cut the deficit in half in five years, and eliminate it in eight years by 2017-18.
The following is a summary of the tax-related measures contained in the budget.
Saskatchewan tabled a balanced budget for fiscal 2010-11 by reducing overall government spending by $121.3 million or 1.2% from last year’s budget.
Budget 2010 projects a summary deficit of $545 million for the current fiscal year, ending a string of ten straight balanced budgets.
Today, federal Finance Minister Jim Flaherty tabled the federal government’s ‘stay the course’ budget by confirming $19 billion in new federal stimulus under Year 2 of Canada’s Economic Action Plan that focuses on jobs and growth.
Budget 2010 projects deficits over the next three years of $1.7 billion in 2010/11, $945 million in 2011/12, and $145 million in 2012/13. BC does not expect to return to a balanced budget until 2013/14.
Budget 2010 forecasts deficits of $4.7 billion for 2010-2011 and $1.1 billion for 2011-2012. A return to a balanced budget and a surplus of $505 is forecasted for 2012-2013. The deficits will be offset by transfers from the Sustainability Fund, as will the forecast deficit of $3.6 billion for 2009-2010.
On July 1, 2010, provincial sales tax (PST) in Ontario and British Columbia (BC) will be harmonized with the federal GST, resulting in a single, federally administered 13% HST in Ontario (5% federal and 8% Ontario) and 12% HST in BC (5% federal and 7% BC). The HST would generally follow the same rules and structure as the GST.
On July 1, 2010, provincial sales tax (PST) in Ontario and British Columbia (BC) will be harmonized with the federal GST, resulting in a single, federally administered 13% HST in Ontario (5% federal and 8% Ontario) and 12% HST in BC (5% federal and 7% BC). The HST would generally follow the same rules and structure as the GST.
The business of farming is broadly defined. If you can convince the Canada Revenue Agency that your business and all its ventures fall within this definition, you are among the select citizens of Canada who can use cash accounting to report business income for income tax purposes.
Once you have a portfolio of off-farm investments, you should plan to review those investments on a regular basis to ensure you are minimizing the income tax they generate. A good time to do this type of tax planning is prior to year-end, while you can still take some actions to reduce your tax.
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