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.
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.
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