Canada: No income tax rate changes in Ontario 2016 budget

Canada: No income tax rate changes, Ontario 2016 budget

Ontario’s Finance Minister on 25 February 2016 delivered the province’s 2016 budget, and it does not include any Ontario tax rate changes for individuals or businesses.

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The 2016 budget for Ontario, however, includes changes to certain tax credits—specifically, rate reductions for the Ontario research and development (R&D) tax credit and the Ontario innovation tax credit, and the repeal of some individual (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.

 

Read a February 2016 report [PDF 75 KB] prepared by the KPMG member firm in Canada: Highlights of the 2016 Ontario Budget

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