Yesterday’s Ontario Budget did not include any significant tax measures for either corporations or individuals. Of note, Ontario has decreased many of its corporate tax credits including the Apprenticeship Training Tax Credit, the Interactive Digital Media Tax Credit and the Film and Television Tax Credits.
The government also continues to move forward with a new mandatory provincial pension plan, to take effect by January 1, 2017. The plan will be funded by each of the employer and the employee.
A summary of the budget highlights are attached.