Keeping an Eye on the Ontario Provincial Tax

When it comes to taxes as Canadian citizens we tend to focus most of our attention on the Federal tax situation.  It is equally important to keep on top of your provincial tax systems and keep yourself aware as to what is happening in this segment of the government.

 

For those living in Ontario your focus needs to be constantly looking at what the Government is planning for the future, and how it will relate to your Canada tax obligation.  It is always wonderful to hear exciting news releases about what the Ontario government is going to do for the people.  Often the method of payment in how they are going to accomplish these wonders is left till the end and more often than not payment comes is some new form of tax.

 

A good example is all the talk about a potential new pension plan for Ontarians.  Now this is good news for those pensioners that are struggling to survive on pension income only.  Chances are any changes to the pension would only affect those who will be retiring in the future.   The big concern is where is the money going to come from, as the Ontario government is forever portraying the cash strapped coffers.  The opposition is already eluding to a probability of some tax increase somewhere.  The Federal government is adamant that they have no plans for the Canada pension plan.

 

Recently in the news the Ontario Government’s task force criticized businesses for not doing their part to help the economy.  Remember when the province’s economy is in rough shape about the only place the government can turn to for money is through the people.  So let alone that we have to deal with a failing economy, we have to be ever conscious that new taxes could be in the future.

 

It is easy to put the blame on the Ontario Government and indicate that they are not able to handle money effectively.  We too though as citizens of Ontario have to take some of the responsibility for this, as we are the people who put the Government into power.

 

Keeping an eye on provincial taxes is not something we should do just because it is going to affect our annual tax return.  It is something we should do to ensure that we put the right people in charge of our tax dollars.  Paying taxes is not so bad when you truly know your money is being put to good use and to your advantage.

 

Contact

Sam Seidman, CPA, CA, LPA
629 Sheppard Avenue West
Toronto, Ontario
M3H 2S3

Telephone: (416) 398-1700
Fax: (416) 398-6226

Chartered Professional Accountant, Chartered Accountant, Licensed Public Accountant

Email: sam@torontoaccountant.ca

Contact Sam today