Highlights of the 2016 Ontario Budget | KPMG | CA

Highlights of the 2016 Ontario Budget

Highlights of the 2016 Ontario Budget

February 25, 2016, No. 2016-09. Today Ontario Finance Minister Charles Sousa delivered the province’s 2016 budget. The budget projects deficits of $5.7 billion in 2016 and $4.3 billion in 2017 and a balanced budget in 2018.

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The budget does not include any Ontario tax rate changes for individuals or businesses. Changes to tax credits include rate reductions for the Ontario Research and Development Tax Credit and the Ontario Innovation Tax Credit and the elimination of some personal tax credits.

As expected, the budget provides updates on the implementation of the new Ontario Registered Pension Plan and Ontario’s plans for a cap and trade program to reduce greenhouse gas emissions.

Download this edition of the TaxNewsFlash to learn more.

Disclaimer

Information is current to February 25, 2016. The information contained in this TaxNewsFlash-Canada is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG’s National Tax Centre at 416.777.8500.

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