Tax Rates, Interest Rates and Revenues

Tax Rates, Interest Rates and Revenues

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

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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 Finance 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.

View the interest rates.

Tax Rates

Harmonized Sales Tax (HST) is a tax that is collected by the federal government when taxable goods (e.g. a CD) or taxable services are sold. The 13 per cent HST is charged on the selling price of the good or service. For example, if a CD is sold for $10, the HST would be $1.30.

On July 1, 2010, Ontario combined its PST with the federal GST to implement an HST. The HST rate in Ontario is 13 per cent consisting of a 5 per cent federal part and an 8 per cent provincial part.

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.

 

 

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