Today (14 July, 2014), The Minister of Finance, Hon. Charles Sousa, of the newly re-elected Liberal government, tabled a new budget. In the recent document, there are no substantial changes from the budget previously released on May 1, 2014.
Significant measures largely remain the same: an increase in personal income tax on high income earners making over $150,000, along with the reintroduction of a new Ontario Retirement Pension Plan, and the elimination of Small Business Deduction for certain large Canadian-controlled private corporations.
To view a summary of the provisions made, please refer to our Ontario Budget Commentary, originally published by our Tax Group on May 2, 2014.
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