Expert Tax Accountants in Cornwall

For the 2025 tax year the filing and payment deadline is 30 April 2026. If you or your spouse carried on a business, the return itself is due 15 June 2026, but any balance owing is still due 30 April 2026. Interest runs on unpaid amounts after the payment deadline, and a late-filed return with a balance owing also attracts a late-filing penalty. Filing on time keeps benefit and credit payments flowing.

An Ontario resident pays federal tax of 14% to 33% for 2026 plus a separate Ontario calculation on the same taxable income, so your combined marginal rate is the federal rate for your band added to the Ontario rate for its band. Ontario also layers surtaxes onto the provincial portion at higher incomes and collects the Ontario Health Premium through the return. Take the current Ontario bracket, surtax and premium figures from the CRA's Ontario tax page.

Current and prior-year forms and publications are free to download from canada.ca, and tax software builds most of them for you as you enter your information. You can also order a paper package by phone or pick one up at participating postal and service outlets during filing season. Which forms apply depends on your situation: a T1 with your slips for employment income, T2125 for self-employment, a T2 for a corporation, T1-ADJ to change a return already filed.

Income tax starts once taxable income passes the basic personal amount, and a separate provincial or territorial amount applies on top, so the break-even point shifts every year with indexation and differs by where you live. Look up the current amounts on the CRA site or in the year's return package. Credits for tuition, disability, pension income or dependants push the point higher. Filing can still be worthwhile or required with no tax owing, for benefits and credits.

13%. Toronto levies no sales tax of its own, so a purchase in the city carries Ontario's 13% HST for 2026, made up of the 5% federal GST and 8% provincial share, with no municipal add-on. The city does charge a municipal land transfer tax on real estate, on top of the provincial one, and an accommodation levy on hotel and short-term stays, but neither touches everyday shopping. Zero-rated and exempt supplies can leave a receipt showing less.

Usually because the pay for that period is low enough that the basic personal amount covers it. Payroll annualises each cheque, so part-time or irregular hours can produce zero income tax while CPP and EI still come off. Other causes are a TD1 claiming large credits, a claim of exemption from withholding, or being paid as a contractor rather than an employee, in which case nothing is withheld and the tax is yours to set aside and remit.

The Ontario Trillium Benefit is issued monthly on a schedule the CRA publishes in advance, unless your yearly entitlement is small enough that it is paid as a single amount instead. The Canada child benefit and the GST/HST credit run on their own dates. Check the CRA benefit payment dates page or My Account for the next deposit. Payments can pause if your return for the prior year has not been filed and assessed, so file on time.

Yes. A Toronto buyer pays Ontario's provincial land transfer tax and the City of Toronto's municipal land transfer tax on the same purchase. Up to $2,000,000 the municipal bands mirror the province: 0.5% on the first $55,000, 1% to $250,000, 1.5% to $400,000, then 2%. That roughly doubles the bill, to about $24,950 on an $800,000 home in 2026. Both are due when the transfer is registered.

If you filed online, the CRA usually issues a refund in about two weeks once the return is assessed. A non-resident return can take up to 16 weeks. Direct deposit lands faster than a cheque. Timing slips if the CRA reviews a claim and asks for receipts, or if you owe other federal or provincial debts, which are offset against the refund first. Track the status in My Account.

Yes. Tips and gratuities are taxable income whether they come by card, through a pooled arrangement, or as cash handed straight to you. Controlled tips your employer distributes are already inside the employment income on your T4; direct and cash tips usually are not, so you report them yourself as other employment income. Keep a daily record, because the CRA can assess unreported tips from deposits and industry patterns. Servers, bartenders, stylists and drivers are all covered.

Canada does not use tax classes or tax codes the way some other countries do. Your income tax comes from graduated brackets, with federal rates for 2026 running from 14% up to 33% and separate provincial brackets on top, and from the credits you claim on the personal tax credits return you give your employer. In a business setting, tax class usually means a capital cost allowance class, which sets the rate at which you depreciate an asset.

A sole proprietor pays no separate business tax. Net profit is reported on Form T2125 with your T1, added to your other income, and taxed at the graduated federal and provincial rates that apply to your total for the year. On top of income tax you owe CPP contributions on net self-employment earnings covering both the employee and employer share, and EI only if you opt into special benefits. Instalments may be required once the balance grows.