Town of east Gwillimbury

Taxes

Property Tax Rates, 2014

For more information on the Town of East Gwillimbury's property tax rates click here.  

Commercial, Industrial, and Multi-Residential Properties

The Region of York has adopted certain property tax “capping” options for properties in the Commercial, Industrial and Multi-residential classes for 2005 and future years, in accordance with the Municipal Act. 

Capping Program

The Region of York has adopted the following property tax “capping” options for properties in the Commercial, Industrial and Multi-residential classes for 2008 and future years.

  • Assessment-related property tax increase is limited to an amount which is the greater of:
    • 10% of the previous year’s annualized property taxes, or
    • 5% of the previous year’s property taxes at Current Value Assessment (CVA). 
  •  Properties, for which tax increases have been capped (protected) but are within $250 of the full CVA taxes, be moved to the CVA tax level within the current taxation year. 
  • Properties, for which tax decreases have been clawed back but are within $250 of their full CVA taxes, be moved to the CVA tax level within the current taxation year.
  • Eligible properties (new construction/new to class) within the meaning of subsection 331(20) of the Municipal Act, 2001, be taxed at a minimum of:
    • 100% of their full CVA tax value for the 2008 taxation year and beyond.

2011 Corporate Income Tax

Corporations operating in Ontario are generally taxed at a rate of 28.0 per cent. However, Ontario's manufacturing and resource industries are subject to a lower 10 per cent provincial tax rate. When combined with the federal Manufacturing & Processing (M&P) rate of 16.5 per cent, a corporation earning manufacturing income in Ontario is taxed at a rate of only 28.0 per cent.  For more information of taxation and tax incentives in Ontario see PriceWaterhouse Coopers (PWC) report Taxation and Tax Incentives in Ontario.

Payroll Taxes

You have to deduct Employment Insurance (EI) premiums from insurable earnings you pay to your employees. In addition, you must pay 1.4 times the amount of the employee's premiums.
There is no age limit for deducting EI premiums. You stop deducting EI premiums when you reach the yearly maximum employee contribution.

EI Premiums Rates for 2011

  •  Premium rate is 1.78%
  • Maximum annual insurable earnings are $44,200.00
  • Maximum annual employee premium is $786.76
  • Maximum annual employer premium is $1101.46

Canadian Pension Plan (CPP) Contributions (4.95%)

You have to deduct CPP contributions from an employee's remuneration if that employee:

  • is 18 years or older, but younger than 70;
  • is in pensionable employment during the year;
  •  is not considered to be disabled under the CPP or QPP; and
  • does not receive a CPP or QPP retirement pension.