The deficit for the 2016-17 fiscal year is projected to be $1.5 billion, with a balanced budget projected for 2017-18, 2018-19 and 2019-20.
The Budget does not include any changes to Ontario’s personal or corporate income tax rates.
A Few Measures to Note:
Ontario will grant municipalities the authority to levy a tax on transient accommodation by amending the City of Toronto Act, 2006 and the Municipal Act, 2001.
Effective 12:01 a.m. April 28, 2017, the tobacco tax is being increased from 15.475 cents to 16.475 cents per cigarette and gram of tobacco products other than cigars.
Enhancements to the Canada Pension Plan
Legislation to implement the enhancement to the Canada Pension Plan (CPP) came into effect in March 2017. To allow businesses to adapt, increases to CPP contributions will be phased in over seven years, beginning January 1, 2019.
Property Tax Measures
Pursuant to reviews of legislation on small-scale agri-food business on farms, railway rights-of-way and the Provincial Land Tax, the Budget proposes certain changes to these measures.
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