Knowledge Centre

The Knowledge Centre provides you a database of articles to understand how recent changes in tax legislation can impact your business. Here you will find tax-related articles on provincial budgets, government support, tax planning and other subjects. Choose a topic of interest from the Filter by topic list and click Filter to search.

2010 Ontario Budget

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.

2010 Saskatchewan 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.

2010 Manitoba Budget

Budget 2010 projects a summary deficit of $545 million for the current fiscal year, ending a string of ten straight balanced budgets. 

2010 Federal Budget Summary

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.

2010 British Columbia Budget

 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.  

2010 Alberta Budget

 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. 

Getting Ready for Harmonized Sales Tax (HST) - ON & BC Small Businesses

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.

Getting Ready for Harmonized Sales Tax (HST) - ON & BC Farmers

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.

Farms can venture out and still maintain tax status

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.

The three pillars of tax-efficient investing

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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