Tax highlights from the 2017 Ontario provincial budget
Finance Minister Charles Sousa tabled the 2017 Ontario provincial budget on April 27, 2017. The minister confirmed that the government is projecting a deficit of $1.5 billion for the recently completed 2016-2017 fiscal year − an improvement of $2.8 billion compared with the 2016 budget forecast. The government is projecting a return to balanced budgets for the 2017-2018 fiscal year and the following two years.
On the tax side, there were no changes to personal or corporate income tax rates. There was, however, a commitment from the government to review the tax system in order to identify and eliminate what it perceives to be “loopholes”, in order to achieve greater fairness in the system.
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.