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ARTICLE · 02 JULY 2012

Ontario Adopts New "Wealth Tax"

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On June 20, 2012, Ontario’s legislature passed a bill that introduces a 2% tax increase on the taxable income of individuals in excess of $500,000.

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Mariam Al-Shikarchy
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Ken Snider
Ken Snider
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On June 20, 2012, Ontario's legislature passed a bill that introduces a 2% tax increase on the taxable income of individuals in excess of $500,000. The 2% increase will be implemented gradually, with the first percentage point hike coming into effect on July 1, 2012, and the second percentage point increase coming into effect in 2013. The "wealth tax" is expected to affect one quarter of the top 1% of earners in Ontario and the government projects that it will generate approximately $470 million in revenue each year. The government intends to use all revenues generated by the tax increase to reduce the province's $15.2 billion deficit and has committed to eliminating the tax increase when Ontario's budget is balanced, which is projected to occur in 2017-2018. Whether or not the "wealth tax" will be phased out by this proposed date remains to be seen.

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