Introduction
On May 1, 2014, Ontario Finance Minister Charles Sousa tabled
the province's 2014 Budget. This year's budget proposes
additional personal income taxes on income over $150,000, a new
pension plan and the phase out/elimination of the Small Business
Deduction for larger Canadian-controlled private corporations.
Ontario's deficit for 2013-14 is estimated to be $11.3
billion, a $0.4 billion improvement compared with the 2013 Budget
forecast. The government is projecting budget deficits of $12.5
billion for the 2014-15 year, $8.9 bllion for the 2015-16 year,
$5.3 billion for the 2016-17 year and a return to a balanced budget
by 2017-18.
The million-dollar question – will this budget pass, or
are we headed into a provincial election?
