Ministry of Revenue

Ontario Businesses Will Benefit From Transformation to a Single Tax Collector

Corporate Tax Compliance Will Be Simpler and Less Costly

    TORONTO, May 31 — The McGuinty government has strengthened
Ontario's competitive advantage and made corporate tax filing easier as Bill
174, the Strengthening Business through a Simpler Tax System Act, 2007, passed
in the Ontario legislature today, transforming Ontario's corporate income tax
system.
    "This is great news for Ontario businesses and the economy," said Michael
Chan, Minister of Revenue. "Streamlining services and creating less
administrative overlap result in savings that can be reinvested in Ontario
businesses."
    Transferring the administration of Ontario corporate taxes to the federal
government will save Ontario businesses up to $100 million a year in
administrative costs. Businesses will save a further $90 million a year in
Ontario corporate income tax from a harmonized corporate income tax base.
    Companies of all sizes will see clear benefits from a single tax form, a
single tax collector and one set of income tax rules. The federal government
will begin administering Ontario corporate taxes for taxation years ending
after 2008.
    "The bill represents a significant step by the federal and provincial
governments," said Minister of Finance Greg Sorbara. "We are making the
Ontario corporate tax system work more efficiently and effectively."
    Encouraging growth and prosperity by improving the business climate is
just one of the ways the McGuinty government is getting results for Ontario
businesses. Over the past four years, the provincial government has expanded
opportunities for all Ontarians by investing in children, continuing to
strengthen education, health care and infrastructure, and balancing the
budget.

    Disponible en français

    

                 For more information visit www.rev.gov.on.ca
    

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