Today, Ontario's Finance Minister, the Honourable Charles
Sousa, tabled the province's budget for 2016
("Budget 2016"). This year's budget
proposes modest tax changes, which include the elimination of
specific personal income tax credits, the introduction of personal
income tax measures to parallel existing federal measures, the
reduction of certain research and development tax credits and
increases to the tax on tobacco and wine. The budget also promises
to consider ways to simplify the calculation of personal income
taxes, and to re-evaluate the Apprenticeship Training Tax Credit.
The government continues to consider measures to create a more
equitable property taxation regime for northern residents, and to
improve the Municipal Property Assessment Corporation's
property tax assessment system. Finally, Budget 2016
introduces a "Cap and Trade" program to reduce greenhouse
gas emissions.
