2016 Ontario Provincial Budget Commentary

Link to our Budget Commentary

On the 25th of February 2016, the Ontario Provincial Government presented its 2016 Budget “Jobs for Today and Tomorrow.”

The deficit for the 2015-16 fiscal year is projected to be $5.7 billion, which is $2.8 billion less than forecasted in the 2015 Budget. The deficit is projected to drop to $4.3 billion for 2016-17 and to be eliminated by 2017-18. Furthermore, the government is also projecting a balanced budget in 2018-19.

The Budget does not include any changes to Ontario’s personal tax rates but certain personal tax credits are being eliminated.  In addition, changes to the so-called “sin taxes” are proposed.  From a business perspective, although there are no changes to corporate tax rates, there are proposed reductions to certain credits.

As the original Ontario Budget 2016 document is a very detailed 408 pages, you might prefer to read Stern Cohen’s Provincial Budget Commentary available in PDF format on this link.