Ontario’s Finance Minister Charles Sousa tabled the 2018 Ontario Budget on March 28, 2017. The Government is projecting a surplus of $0.6 billion for 2017-18 and deficits of $6.7 billion for 2018-19 and $6.6 billion for 2019-20.
The Budget eliminates the Ontario surtax on personal income tax, creates new personal tax brackets and provides for changes to charitable donation tax credits. There are no changes to corporate tax rates, although the Budget does provide changes to various business tax credits. Ontario has also announced its intention to parallel certain recent federal tax measures.
This document includes insight into measures that affect individuals, businesses, and more.