2019 Ontario provincial budget commentary
Finance Minister Victor Fedeli tabled the 2019 Ontario provincial budget on April 11, 2019. The budget projects a deficit of $11.7 billion for the 2018-2019 fiscal year with a plan to return to balanced budgets by 2023-24.
On the income tax side, there were no increases or decreases to personal or corporate income tax rates for 2019. The government introduced a new Childcare Access and Relief from Expenses (CARE) tax credit and proposed a reduction to Ontario’s estate administration (i.e., probate) tax for taxable estates.
Please note that these changes are still proposals until passed into law by the provincial government. Let our experienced advisors assist you with understanding these potential changes and the impact they may have on you and your family’s financial strategy. To access the complete summary, please speak to your Assante advisor today.