Corporate tax harmonization will save Ontario...

May 5, 2008

5 May 2008

 

Corporate tax harmonization will save Ontario business up to $190 million a year

 

The following news release was issued by the Canada Revenue Agency on 2 May 2008.

 

The Honourable Gordon O'Connor, Minister of National Revenue, and the Honourable Monique Smith, Ontario Minister of Revenue, today joined the Presidents of 160 Boards of Trade and Chambers of Commerce from across Ontario to outline the significant progress that has been made to harmonize the corporate tax system for Ontario businesses….

 

The Delegation Agreement recently signed by Minister O'Connor and Minister Smith is another milestone in the transition to the single administration of Ontario's corporate income tax system. Effective April 3, 2008, Ontario businesses have one tax authority to deal with for all corporate tax audits, rulings, objections and appeals for all pre-2009 taxation years. This will be followed by a single integrated tax return for taxation years ending after December 31, 2008.

 

Ontario joins seven provinces and all three territories whose taxes are already administered by the CRA. To ensure a seamless transition for Ontario's corporate taxpayers, the CRA has hired more than 300 of Ontario's corporate tax professionals….

 

For more information visit www.ontario.ca/revenue .


Topic(s): 
Canadian Economy & Politics
Information Source: 
Canadian News Channel
Document Type: 
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