Frequently Asked Questions

General Questions About Taxes


How are my tax dollars spent by the Ontario government?

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.

Information on government expenditures is contained in the annual financial report and consolidated financial statement of the Province of Ontario.


How much money does the Ontario government collect yearly?

For 2014-15, the Ontario government's estimated revenue is $118.9 billion of which $83.4 billion, or about 70 per cent, is expected to come from taxation revenues. Three taxes within this category - Personal Income Tax, Sales Tax and Corporations Tax - account for 51 per cent of total revenues. (Source: Chapter 2, 2014 Ontario Budget)


Why can't the Ministry of Finance reply to a tax interpretation request by email?

The Ministry of Finance website is primarily an information service. It provides electronic access to the majority of the ministry's forms, publications, and guides.

The ministry cannot respond to interpretation requests via email due to the confidentiality of taxpayer information. Please call or write us with requests for interpretations on the tax and benefit programs administered by the ministry.

We do, however, welcome general questions and comments about the site content as well as comments on the quality of the site or suggestions on how to improve it.


Are Ontario laws, such as the Corporations Tax Act, on this website?

The Ministry of Finance does not publish consolidated statutes and regulations – either in print or electronically.

However, the Ministry of Government Services and the Attorney General offer consolidated statutes and regulations on their websites (ontario.ca/e-laws) where the Corporations Tax Act can be found.


What records am I required to keep and for how long?

In general, you must keep your books and records for at least seven years. However, there are some exceptions and conditions that must be met before you can destroy any books or records. Please refer to Tax Information Bulletin Retention/Destruction of Books and Records for information pertaining to the consent to destroy records.

The specific records that need to be retained differ with each statute; however, books and records must indicate the taxes payable or collected and substantiate any tax exempt status claimed and must be supported by documents necessary to verify that the information in the books and records is correct.

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