Introduction
On April 23, 2015 Finance Minister Charles Sousa tabled his
third Budget.
The deficit for the 2015-16 fiscal year is projected to be $8.5
billion, which is less than had been forecasted in the 2014 Budget.
The deficit is projected to drop to $4.8 billion for 2016-17 and to
be eliminated by 2017-18. Unlike the 2014 Budget, the 2015 Budget
does not comment on achieving a surplus.
The Budget does not include any changes to Ontario's tax
rates for individuals or corporations. From a business prospective,
Ontario has decreased many of its tax credits including the
Apprenticeship Training Tax Credit, the Interactive Digital Media
Tax Credit and the Film and Television Tax Credits. It is proposing
to eliminate the Sound Recording Tax Credit.
