Expert Tax Accountants in Vaughan

Ontario charges its own graduated personal rates, plus a surtax and the Ontario Health Premium, on top of federal tax, so the combined marginal rate climbs with income. For corporations in 2026 the Ontario small business rate is 3.2%, falling to 2.2% effective 1 July 2026, which gives a combined federal and provincial small business rate of 12.2% falling to 11.2%; a 31 December 2026 year end blends to roughly 11.7%. The Ontario combined general rate for 2026 is 26.5%.

A T4E is the statement of Employment Insurance and other benefits. Service Canada issues one for each year in which EI was paid, covering regular, sickness, maternity, parental, caregiving or fishing benefits, and it shows the total received, the income tax already withheld and any amount to be repaid. Those figures go on the personal return for that year. Benefits paid under a different program come on their own slip.

Where a municipality has passed a by-law imposing it, yes. The accommodation provider must charge it on short-term stays and remit it to the city or its collecting agent, and platforms often collect on a host's behalf. It is a municipal tax rather than a CRA one, so the rate, exemptions and the stays covered vary from city to city. HST applies as well, and generally applies to the accommodation tax amount too.

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.

Withhold three things from each pay: income tax, CPP and EI. For 2026, CPP is 5.95% from the employee and 5.95% from the employer on pensionable earnings between the $3,500 basic exemption and the $74,600 ceiling, plus CPP2 at 4% up to $85,000. EI is $1.63 per $100 of insurable earnings for the employee, and the employer pays 1.4 times that. Use the CRA payroll deductions online calculator, then remit by your assigned due date.

Sign in to CRA My Account and check your account balance and your latest notice of assessment: they show tax owing, instalments credited and any refund due. Without online access, call the CRA's individual enquiries line, or ask for the balance in writing. Filing an outstanding return is often what triggers a refund, since credits and benefits are only calculated once the return is assessed.

No. The GST, HST, PST or QST you charge is not your revenue. You collect it as an agent and remit it, so it belongs in a liability account and revenue is recorded net of tax. Including it overstates sales and distorts every margin you calculate. Input tax credits work the same way in reverse, against that liability rather than as an expense. Payment processors deposit tax-included amounts, which is why bank totals never equal revenue.

Yes. Rent from a room in your home is taxable and is reported as rental income on your T1. You may deduct a reasonable share of expenses such as utilities, insurance, mortgage interest, property tax and repairs, prorated by the space rented and the part of the year it was rented. Claiming capital cost allowance on the building can put part of your principal residence exemption at risk, so most homeowners do not. Keep receipts six years.

Most of the gap is not income tax alone. Employers withhold federal and provincial income tax plus CPP at 5.95% and EI at $1.63 per $100 of insurable earnings for 2026, and often pension contributions, union dues and benefit premiums as well. Income tax is calculated as though the current pay repeats every period all year, so a bonus or heavy overtime is over-withheld and returns to you as a refund. Compare the deduction lines on your stub with your T4.

For sales tax the amount per dollar depends on the province. GST alone is five cents on the dollar in Alberta and the three territories. Ontario charges thirteen cents of HST, Nova Scotia fourteen from 1 April 2025, and New Brunswick, Newfoundland and Labrador and Prince Edward Island fifteen. British Columbia adds seven cents of PST to GST, Saskatchewan six and Manitoba seven of RST, while Quebec's GST and QST together come to just under fifteen cents.

Get a social insurance number, then gather every slip, including T4, T4A, T5, tuition and rent receipts, and file a T1 return for the year. Tax software approved by the CRA for electronic filing can send it, and a first-time filer can usually file online, though the CRA sometimes requires a paper return until it has a record of you. For the 2025 year the deadline was 30 April 2026, or 15 June for self-employment with payment still due 30 April.

Usually not. Unbottled water supplied by a municipality or water utility is exempt, and basic unbottled water sold other than as a single serving is zero-rated, so no GST or HST is charged. Bottled water and single servings are taxable at the rate where it is delivered, meaning 5% GST or 13% HST in Ontario for 2026. Carbonated and flavoured water is taxable. The CRA's basic groceries memorandum sets out the line.