Many of the services and benefits Ontarians enjoy are made possible through taxes. Ontario's tax system funds integral services such as roads and highways, health care, hospitals, education, social services, provincial parks and the environment.
Interest Rates
Interest is charged to your account if payment is not received by the due date. Remember: if the due date falls on a weekend or holiday, your payment is due the next working day.
The Ministry of Revenue also applies interest to amounts the ministry owes to individuals and corporations.
Interest is compounded daily and the interest rates are reset every three months.
Tax Rates
Provincial Sales Tax (PST), also known as Retail Sales Tax, is a tax that is collected by the Ontario government when taxable goods (e.g. a CD) or taxable services are sold. The general tax rate of 8% is charged on the selling price of the good or service. For example, if a CD is sold for $10, the PST would be 80 cents.
Other PST rates apply to certain accommodations, admissions, and alcoholic beverages.
In Ontario there are other taxes that may apply to you, your family or business. For the rate of these taxes, select the appropriate tax from the list below.
Government Revenues
For 2009-10, the Ontario government's estimated revenue is $96.0 billion of which $64.9 billion, or about 68 per cent, is expected to come from taxation revenues. Three taxes within this category - Personal Income Tax, Sales Tax and Corporations Tax - account for about 53 per cent of total revenues.
(Source: Chapter 2, 2009 Ontario Budget)
You can view a complete report of the amount of tax the province collects in the 2009 Ontario Budget.
(Source: Chapter 2, 2009 Ontario Budget)
