Tax Lawyers in Ontario

The Canada Revenue Agency (CRA) administers Ontario’s personal and corporate income tax, and harmonized sales tax (HST). While Ontario’s ministry of finance manages other taxes, including beer and wine, estate administration, fuel, tobacco, and more. Ontario’s income tax rates are progressive, i.e., they increase as one’s income increases. The province has a 13% HST (5% GST + 8% RST), while also providing 8% rebate on specific items through a point-of-sale rebate from the province’s sales tax.

For Ontario’s income tax rates, click here. To learn about other taxes administered by Ontario’s ministry of finance, click here.

Ontario has a progressive tax system i.e.; higher income equals higher tax rates. The province has multiple tax brackets for different income levels, in addition to federal taxes (Click here to see). They have a 13% HST with provisions for an 8% rebate on the province’s provincial sales tax i.e., their retail sales tax (RST).

They offer special tax benefits such as the Ontario Trillium Benefit, which helps low-to moderate-income Ontario residents pay for energy costs, sales and property tax, Ontario Disability Support Program (ODSP), Ontario child benefit, Ontario Student Assistance Program (OSAP), Ontario innovation tax credit, trillium drug program, and more.

In Ontario, as in the rest of Canada, certain types of income are not taxed. These include:

• Most gifts and inheritances, though tax consequences may apply.
• Lottery winnings, including from Canadian lotteries, are tax-free, with conditions.
• GST/HST credits, Canada Child Benefit (CCB), and Climate Action Incentive Payment (CAIP) now referred to as Canada Carbon Rebate (CCR).
• Most life insurance payouts after someone’s death.
• Ontario energy and property tax credit.
• Ontario sales tax credit.
• Compensation received for victims of criminal acts or motor vehicle accidents.
• Most strike pay from your union, even if picketing duties were required.
• Disability or death payments to war veterans from Canada or an allied country.

These exemptions help to reduce the overall tax burden for individuals and families in Ontario.

Ontario offers several tax exemptions by way of tax credits. These exemptions can help individuals and businesses reduce their taxes. Below are some of the exemptions:

• Ontario’s basic personal and spousal amounts: Allows you to reduce your tax burden resulting in more money in your pocket.
• Principal residence exemption.
• Charitable donations.
• Ontario trillium benefit.
• Ontario child benefit.
• Tax-Free Savings Accounts (TFSAs): Withdrawals from TFSAs are tax-free.
• college or university tuition.
• medical expenses for the lesser of an amount equal to 3% of your income or the annual amount set by the government.
• Caregiver expenses.
• Small business deductions.
• Certain export sales.

The cost of hiring a tax lawyer Ontario will usually vary from client to client, as it is dependent on the scope of services requested by the client.

At Taxlawyer.com, we help Canadians find licensed Ontario tax consultants that can provide the services they need without significantly impacting their finances with our directory of experienced tax lawyers Ontario and in-house tax lawyer/attorneys.

Before hiring a tax lawyer Ontario, it’s important to:

• Identify your specific tax needs.
• Research potential candidates and conduct due diligence.
• Initiate contact.
• Discuss fees and make necessary arrangements.

At taxlawyer.com, we simplify this process by maintaining a directory of experienced Ontario tax lawyers in Canada. With our free 10-minute income tax consultation, we’ll connect you with the tax lawyer best suited to your needs.

Select your city below to connect with a qualified Ontario tax lawyer today:
Ontario:

• Toronto

Ontarians are subject to federal tax laws and also its provincial tax laws. Here are some key points about its tax laws:

• 13% harmonized sales tax (5% GST + 8% HST) is charged on goods and services rendered in Ontario. An 8% sales tax rebate is available on specific items through a point-of-sale rebate from the province’s sales tax
• Income Tax: Ontario’s provincial income and harmonized sales tax are administered by the Canada Revenue Agency (CRA) for ease of collection, while other taxes such as the estate administration tax, employer health tax, to mention but a few, are administered and managed by Ontario’s Ministry of Finance. The province also offers various tax credits and deductions to help reduce individual and corporate tax burdens.  
• Property Taxes: Property taxes are levied by municipalities based on the assessed value of the property in Ontario. A portion of it goes to municipal government, and the other portion (education) goes to provincial government. 
• Corporate Taxes: Ontario has a comprehensive tax policy for corporations based in the province. Special consideration is given to small businesses, and several tax credits are offered to help lessen the tax burden of corporations. 
• Other Taxes: Ontario also has taxes on insurance premium, fuel, gasoline, land transfer, mining, and more.