Introduction
On February 25, 2016 Finance Minister Charles Sousa tabled his
fourth Budget.
The deficit for the 2015-16 fiscal year is projected to be $5.7
billion, which is $2.8 billion less than forecasted in the 2015
Budget. The deficit is projected to drop to $4.3 billion for
2016-17 and to be eliminated by 2017-18. Furthermore, the
government is also projecting a balanced budget in 2018-19.
The Budget does not include any changes to Ontario’s
personal tax rates but certain personal tax credits are being
eliminated. In addition, changes to the so-called “sin
taxes” are proposed. From a business perspective,
although there are no changes to corporate tax rates, there are
proposed reductions to certain credits.
