ARTICLE · 24 APRIL 2015

Ontario Budget - 2015 Tax Highlights

Crowe Soberman LLP

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This year's budget proposes generally modest tax changes including the reduction or elimination of certain business tax credits, and the introduction of measures to parallel the recent federal provisions related to the taxation of testamentary trusts and estates.

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Crowe Soberman LLP

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INTRODUCTION

Today (April 23, 2015), Ontario Finance Minister Charles Sousa tabled the province's budget for 2015 ("Budget 2015"). This year's budget proposes generally modest tax changes including the reduction or elimination of certain business tax credits, and the introduction of measures to parallel the recent federal provisions related to the taxation of testamentary trusts and estates. Also proposed are targeted time-limited measures to facilitate the consolidation of the electricity distributing sector, measures to create a more equitable property taxation regime for Northern residents, and changes to the manner in which information is shared and obtained under the Municipal Property Assessment Corporation's ("MPAC") property tax assessment system.

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