On April 23, 2015, the Ontario Provincial Government presented its 2015 Budget “Building Ontario Up.”
The deficit for the 2015-16 fiscal year is projected to be $8.5 billion, which is less than had been forecasted in the 2014 Budget. The deficit is projected to drop to $4.8 billion for 2016-17 and to be eliminated by 2017-18. Unlike the 2014 Budget, the 2015 Budget does not comment on achieving a surplus.
The Budget does not include any changes to Ontario’s tax rates for individuals or corporations. From a business prospective, Ontario has decreased many of its tax credits including the Apprenticeship Training Tax Credit, the Interactive Digital Media Tax Credit and the Film and Television Tax Credits. It is proposing to eliminate the Sound Recording Tax Credit.
As the full Budget document is a very detailed 426 pages, you might prefer to read Stern Cohen’s Provincial Budget Commentary. It’s available for download in PDF format on this link.