ON – No tax rate changes in 2011-12 fiscal year budget

In the province’s 2011-12 fiscal year budget brought down on March 29, the Ontario Minister of Finance announced that the province’s deficit for the 2010-11 fiscal year ending March 31, 2011 would be $16.7 billion, or $3 billion lower than forecast in last year’s budget. The change was attributed mainly to decreases in program expenditures.

There were no tax rate changes and no new taxes announced in the budget. The budget documents can be found on the Ontario Finance Web site at http://www.fin.gov.on.ca/en/budget/ontariobudgets/2011/nr1.html.

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