2014 Ontario Provincial Budget Commentary

UPDATE: On July 14, 2014, Ontario Minister of Finance, Charles Sousa reintroduced the Ontario Provincial Budget of May 1, 2014. The only change to the May 1, 2014 budget is that the tax rate on aviation fuel will increase to 3.7 cents per litre on September 1, 2014, rather than on royal assent, as had been announced on May 1, 2014.

On May 1, 2014, the Ontario Government presented its 2014 Budget. Top income earners, large Canadian-controlled private corporations, users of aviation fuel and tax-exempt diesel fuel, and smokers will face increases in the taxes they pay. Ontario businesses will also potentially be hit with higher payroll costs under the proposed Ontario Retirement Pension Plan (ORPP).

For details on the new Provincial Budget, our commentary (updated July 14, 2014) is available in PDF format on this link.