ARTICLE · 28 APRIL 2017

Ontario Budget 2017 Tax Highlights

Crowe Soberman LLP

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Today, Ontario's Finance Minister, the Honourable Charles Sousa, tabled the province's budget for 2017 ("Budget 2017").

CanadaTax

Aaron Schechter, CPA, CA

Silvia Jacinto, BComm, MTax

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Today (27th April, 2017), Ontario's Finance Minister, the Honourable Charles Sousa, tabled the province's budget for 2017 ("Budget 2017"). This year's budget aims to return to a balanced budget in 2017-18 – the first since the 2008-09 global recession – and includes significant investments in health care and education. This budget proposes to provide free prescription drugs for individuals who are 24 years of age or younger, make investments to reduce patient wait times, assist students financially and make life more affordable for Ontario families.

Ontario's deficit for 2016-17 is estimated to be $1.5 billion, a $2 billion improvement from 2015-16's actual results.

Budget 2017 does not propose any changes to personal and/or corporate income tax rates. The details of the significant tax measures proposed in Budget 2017 are outlined below.

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