ARTICLE · 15 NOVEMBER 2017

Four Things You Should Know Following The Ontario Fall Economic Statement

Crowe Soberman LLP

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Ontario Finance Minister, Charles Sousa, delivered the province's 2017 Fall Economic Statement today, six months ahead of the election.

CanadaTax

Silvia Jacinto, BComm, MTax

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Ontario Finance Minister, Charles Sousa, delivered the province's 2017 Fall Economic Statement today, six months ahead of the election. Here are the four key tax highlights that you should be aware of:

1. Reduction to the small business tax rate

On January 1, 2018, the tax rate applicable on the first $500,000 of profits generated from an active business carried on by a Canadian-controlled private corporation will be reduced from 4.5 per cent to 3.5 per cent. The chart below provides the Ontario, federal and combined small business tax rates expected for the 2018 and 2019 calendar years.

Year	Ontario	Federal	Combined
2017 (current)	4.5%

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