Municipal taxation in Ontario generally takes the form of real property taxation. Ontario municipalities do not impose sales taxes or income taxes. real property taxes are not imposed by the federal government. Municipalities levy and collect property taxes based on assessed values determined by the Municipal Property Assessment Corporation. Municipalities may also levy development charges […]
Tag Archives | Ontario Taxes
Ontario Sales Taxes
All Canadian provinces have some form of general or limited sales tax, such as sales taxes, use taxes, value-added taxes, or specific sectoral taxes on fuel, tobacco, or hotel and accommodation taxes. Prior to the implementation of the HST, the Ontario retail sales tax (“RST”) formerly applied at a rate of 8% to most sales, […]
Ontario Rates of Taxation
Ontario Tax Rate for Individuals Under both federal and Ontario legislation, marginal tax rates apply to individuals. For 2012, the combined federal and Ontario top marginal rate for individuals is 46.41% for ordinary income (such as salary and interest), 23.2% for capital gains and approximately 29.54% for eligible dividends. In the Ontario budget, released March […]
