ARTICLE · 21 NOVEMBER 2018

Blog: 4 Things You Should Know Regarding The 2018 Ontario Fall Economic Statement

Crowe Soberman LLP

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On Thursday, November 15, 2018, the Honourable Victor Fedeli, Minister of Finance released the 2018 Ontario Economic and Fiscal Review (the "Review").

CanadaTax

Aaron Schechter, CPA, CA

Silvia Jacinto, BComm, MTax

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On Thursday, November 15, 2018, the Honourable Victor Fedeli, Minister of Finance released the 2018 Ontario Economic and Fiscal Review (the "Review"). The Review highlighted Ontario's economic and fiscal outlook and discussed issues such as the province's projected debt, its business competitiveness, its housing shortage and the carbon tax. Here are four tax related items you should be aware of.

1. NO to Provincial Equivalent of Small Business Deduction Claw Back

The Review states that the Ontario government will not implement parallel measures enacted by the Federal government to claw back the corporate small business deduction limit when passive income of $50,000 or more is earned by a corporation or group of associated corporations.

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