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On Thursday, April 27, 2017, the Honourable Charles Sousa, Ontario’s Minister of Finance, tabled the province’s 2017 Budget. Delivering the first balanced budget in the province since the 2008-09 recession, Budget 2017 has not introduced any new individual or corporate income tax increases and projects a balanced budget for the next three years. Some technical changes, however, are proposed with respect to the application of Ontario’s personal income surtax to multi-jurisdictional filers and to ensure that changes to the federal tax rules relating to the small business deduction and association are being implemented provincially.
The 2016-17 deficit has also been reduced to $1.5 billion, as a result of stronger-than-expected corporate and personal tax revenues driven by a growing economy. Furthermore, Ontario land transfer tax revenues have been boosted by higher-than-expected increases in housing prices.
Along with increased spending for health care, education, and infrastructure, Budget 2017 also includes universal drug coverage to all children and youth in Ontario and re-announces proposals to reduce household electricity bills by an average of 25 per cent.
Although Ontario’s economy has experienced significant growth in the last three years, housing affordability has become a primary concern, particularly in the larger cities and surrounding areas. Recent proposals have been introduced by the provincial government to address the issues, including the expansion of rent controls and the introduction of a 15 per cent non-resident speculation tax.
Please contact your Business Advisor or one of our Ontario Region Tax Leaders
Ontario Region Contacts
Indirect Tax - Toronto
Int'l Tax - Toronto
Int'l Tax – Toronto
Int’l Tax – Toronto
SRED – Waterloo
SRED – Markham
Related Topics:Budget Announcements
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