Female: Changes are coming from Ontario corporate tax filers. Ontario is joining seven other provinces then the three territories in switching to a single corporate tax system. Guy Bisson with the Canada Revenue Agency.
Guy Bisson: The Canada Revenue Agency and the Ontario ministry of revenue are very please to announce a single corporate tax system for Ontario businesses. Starting next year corporations filling on Ontario will be able to submit a single harmonized T2 tax return.
Female: Transition to the single corporate tax system will be complete in time for the 2009 tax year.
Guy Bisson: The CRA will accept combine federal and provincial installment payments in 2008 for the 2009 tax year. Incorporations will file a single harmonize T2 tax return starting in the 2009 tax year. It’s estimated that switching to the single corporate tax system. Will the result in a $100 million in administrative cost savings for Ontario businesses.
Female: When tax return, one set of rules and one point of contact. I simplified tax process for Ontario business owners.
Guy Bisson: The Canada Revenue Agency and the Ontario ministry of revenue are very excited about this move to single corporate tax system for Ontario. Running a business is a hard work and the Canada Revenue Agency and the Ontario ministry of revenue are always looking for ways to lighting the paperwork burden.
Female: More information on the single corporate tax system for Ontario can be found on a CRA website and cra.gc.ca/ctao. Cherry Dematarco reporting.
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