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Ontario Budgets
All tax measures are subject to legislative approval.
2024 Ontario Budget - Tuesday, March 26, 2024
2023 Ontario Budget - March 23, 2023
2022 Ontario Budget - April 28, 2022
2021 Ontario Economic Outlook and Fiscal Review - November 4, 2021
Ontario 2021 Budget - March 24, 2021
Ontario 2020 Budget - November 5, 2020
Ontaro Action Plan re COVID-19 - March 25, 2020
Ontario 2019 Fall Economic Outlook and Fiscal Review November 6, 2019
Ontario 2019 Budget - April 11, 2019
2018 Fall Economic Outlook and Fiscal Review November 15, 2018
Ontario 2018 Budget - March 28, 2018
Ontario 2017 Fall Economic Statement - November 14, 2017
Ontario 2017 Budget - April 27, 2017
Ontario 2016 Budget - February 25, 2016
Ontario 2015 Budget - April 23, 2015
Ontario 2014 Budget - May 2, 2014
Ontario 2013 Economic Outlook and Fiscal Review - November 7, 2013
Ontario 2013 Budget - May 2, 2013
Ontario 2012 and Earlier Budgets
2024 Ontario Budget - Tuesday, March 26, 2024
Projected Surpluses / (Deficits)
 | 2023-24 ($3.0 billion) |
| 2024-25 ($9.8 billion) |
| 2025-26 ($4.6 billion) |
| 2026-27 $0.5 billion |
Tax Measures:
| no personal or corporate income tax changes, except:
| ||
| extending the temporary gas tax and fuel tax rate cuts - the rate of tax on gas and fuel will remain at 9 cents per litre for an additional 6 months, until December 31, 2024. This is a reduction from 14.7 cents per litre for gas and 14.3 cents per litre for diesel fuel. | ||
| tax system review continues. | ||
| property assessment and taxation review is being undertaken with consultations with stakeholders starting early spring. Property reassessment continues to be deferred until the review is complete. | ||
| proposal to eliminate the wine basic tax on sales of Ontario wine and wine coolers in on-site winery retail stores, effective April 1, 2024. | ||
| targeted review of taxes and fees on alcoholic beverages will be conducted. | ||
| legislation will be introduced to require the provincial government to hold an Ontario referendum before implementing a new provincial carbon pricing program. |
Non-Tax Measures:
| increasing maximum Guaranteed Annual Income System (GAINS) program benefit amounts, and adjusting to inflation annually. |
| eligibility for Ontario Electricity Support Program (OESP) will be expanded beginning March 1, 2024. |
| tuition freeze for students in publicly assisted colleges and universities extended for at least 3 more years. |
There is a lot more to the budget besides the above. See the following on the Ontario website:
Annex: Details of Tax Measures and Other Legislative Initiatives
Legislation: Bill 180, Building a Better Ontario Act (Budget Measures), 2024
2023 Ontario Budget - March 23, 2023
Projected Surpluses / (Deficits)
| 2023-24 ($1.3 billion) |
| 2024-25 $0.2 billion |
| 2025-26 $4.4 billion |
Tax Measures:
| new Ontario Made Manufacturing 10% Investment Tax Credit for CCPCs that make qualifying investments and that have a permanent establishment in Ontario |
| current gas tax and fuel tax cuts extended until December 31, 2023 |
| legislation will be introduced to expand the Guaranteed Annual Income System (GAINS) program starting in July 2024, to see about 100,000 additional seniors be eligible for the program |
| proposal to adjust the GAINS benefit annually so that it increases with inflation |
| as proposed in the 2022 Ontario Economic Outlook and Fiscal Review, extending the phase-out range for Ontario's small business corporate income tax rate to between $10 million and $50 million of taxable capital employed in Canada, mirroring the federal government change. |
| proposal to set a single 12% basic tax rate on wine and wine coolers sold in off-site winery retail stores, including wine boutiques, coming into effect on July 1, 2023. This would replace the four separate basic tax rates that currently apply. |
From the Ontario website:
Annex: Details of Tax Measures and Other Legislative Initiatives
Legislation: Bill 85, Building a Strong Ontario Act (Budget Measures), 2023
2022 Ontario Budget - April 28, 2022
Projected deficits:
| 2021-22 $13.5 billion |
| 2022-23 $19.9 billion |
| 2023-24 $12.3 billion |
| 2024-25 $7.6 billion |
From the Ontario website:
Annex: Details of Tax Measures and Other Legislative Initiatives
Bill 126, Plan to Build Act (Budget Measures), 2022 - April 28, 2022 - this Act was not passed before the 42nd Parliament ended, so was reintroduced on August 10, 2022 as:
Bill 2, Plan to Build Act (Budget Measures), 2022
Personal Tax Measures
| Enhancement
to LIFT Credit effective January 1, 2022:
| ||||||||||||||||||
| Ontario
Seniors Care at Home Refundable Tax Credit effective January 1, 2022
|
Business Tax Measures
| Film
and Television Tax Credits Extended to Online Productions
| ||
| Book
Publishing Tax Credit Updated
| ||
| Simplifying Ontario Computer Animation and Special Effects Tax Credit | ||
| Extending
the Temporary Enhancement of Regional Opportunities Investment Tax Credit
| ||
| Time-Limited
Relief for Electricity Distribution Sector Extended
|
Measures Prior to the 2022 Budget
| Cutting
Gas and Fuel Taxes Temporarily
| ||||||
| Strengthening
the Non-Resident Speculation Tax (NRST)
|
2021 Ontario Economic Outlook and Fiscal Review - November 4, 2021
See Ontario Fall Economic Statement: past editions for more information on the 2021 Fall Economic Statement.
Annex: Details of Tax Measures and Other Legislative Initiatives - for complete details
Legislation
| Bill 43, Build Ontario Act (Budget Measures), 2021 - Taxation Act, 2007 is Schedule 21 |
Personal Tax Measures
| Ontario Refundable Staycation Tax Credit for the 2022 tax year only, maximum credit of $200 for an individual or $400 for a family |
| Ontario Refundable Jobs Training Tax Credit to be extended by one year to 2022. |
| Ontario Refundable Seniors' Home Safety Tax Credit to be extended by one year to 2022. |
Property Tax Measures
| Brownfields Financial Tax Incentive Program (BFTIP) - Extend the period for matching provincial education tax assistance from 3 to 6 years for business developments and 10 years for residential developments, streamline administrative processes. |
| On-farm business property tax subclass providing reduced tax rate - increase the assessment threshold from $50,000 to $100,000. While the province will apply a reduced business education tax rate to the increased threshold, municipalities will have the option to maintain the current $50,000 threshold. |
Ontario 2021 Budget - March 24, 2021
| $38.5 billion for 2020-21 |
| $27.7 billion to $35.6 billion for 2021-22 |
| $21.3 billion to $33.4 billion for 2022-23 |
Proposed Personal Tax Measures
| Temporary Refundable Senior's Home Safety Tax Credit for 2021, previously announced in Budget 2020 |
| Cancelling scheduled wine tax increase, freezing beer tax rates |
| 20% enhancement to the 2021 Childcare Access and Relief from Expenses (CARE) tax credit. |
| Ontario refundable jobs training tax credit for 2021 only (Ontario Taxation Act, 2007, s. 103.0.4) |
Proposed Business Tax Measures
| make the Employee Health Tax (EHT) payroll exemption increase permanent. |
| EHT exemption is indexed to inflation every 5 years, with next adjustment scheduled for 2024. This will be moved to January 1, 2029. |
| double the threshold payroll amount beyond which employers are required to pay EHT instalments, to $1.2 million, starting in 2021. |
| Cultural Media Tax Credit Amendments |
| Extension to deadlines for Ontario R&D Tax Credit (ORDTC) |
| Reduce Business Education Tax (BET) rates to 0.88% beginning in 2021 |
| Provide municipalities flexibility to target property tax relief to small businesses. |
| Consider matching municipal property tax reductions. |
There are many other measures in the budget - see Ontario Budget Table of Contents for all details.
Legislation:
| Bill 269, Protecting the People of Ontario Act (Budget Measures), 2021 - Royal Assent April 27, 2021. |
See Ontario Budgets: past editions for more information on the 2021 Budget.
Ontario 2020 Budget - November 5, 2020
Action Plan re COVID-19 - March 25, 2020
on Ontario website
The Ontario March 2020 Economic and Fiscal Update was released on March 25, 2020.
Many other measures - for complete details see above link and Ontario Action Plan
2019 Fall Economic Outlook and Fiscal Review November 6, 2019 - on Ontario website.
Tax Proposals:
Small business corporate income tax rate to be reduced to 3.2% from 3.5% starting January 1, 2020.
The small business (non-eligible) dividend tax credit rate will be reduced to 2.9863% from 3.2863% effective January 1, 2020. See Ontario Dividend Tax Credit for Non-Eligible Dividends. The 2020 Tax Rate Tables have been revised, as has the Basic Income Tax Calculator.
Reduce aviation fuel tax rate in the North to 2.7 cents per litre from 6.7 cents per litre.
See also:
Annex: Details of Tax Measures
Bill 138, Plan to Build Ontario Together Act, 2019
Ontario 2019 Budget - April 11, 2019
2018 Fall Economic Outlook and Fiscal Review November 15, 2018
Ontario 2018 Budget - March 28, 2018
Ontario 2017 Fall Economic Statement - November 14, 2017
Business/Personal Tax Measures:
| small business corporate income tax rate reduced from 4.5% to 3.5% effective January 1, 2018 |
| non-eligible dividend tax credit rate reduced to 3.2863% of the taxable dividend effective January 1, 2018. However, Bill 177 (link below) legislative changes result in a rate of 3.1197%, which is what we are using in the Ontario tax rate tables. The difference is due to the reduction in the gross-up rate for 2018, to 16%. |
| The Apprenticeship Training Tax Credit (ATTC) is being eliminated for employers with apprentices who register in an apprenticeship program after November 14, 2017. This is in conjunction with the announcement of the new Graduated Apprenticeship Grant for Employers (GAGE). |
See Ontario Fall Economic Statement: past editions for more information on the 2017 Fall Economic Statement.
Bill 177, Stronger, Fairer Ontario Act (Budget Measures), 2017 was tabled on November 14, 2017 and received Royal Assent on December 14, 2017.
Ontario 2017 Budget - April 27, 2017
Ontario 2016 Budget - February 25, 2016
Ontario 2015 Budget - April 23, 2015
See Ontario Budgets: past editions for more information on the 2015 Budget.
There are no changes to the personal income tax system. The main tax-related provisions in the budget are:
| changes to business tax supports including
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| paralleling Federal measures re the taxation of trusts and estates | ||||||||
| Provincial Land Tax reform |
Ontario 2014 Budget - May 2, 2014
Ontario 2013 Economic Outlook and Fiscal Review - November 7, 2013
See Ontario Fall Economic Statement: past editions for more information on the 2013 Fall Economic Statement.
The Ontario government announced revisions to both eligible and non-eligible dividend rates. Another change is that the Ontario surtax, starting in 2014, will be calculated before deducting dividend tax credits. By doing so, all taxpayers get the same amount of dividend tax credit. Previously, the surtax was applied after these tax credits were deducted, thus increasing the tax credits for high income earners by as much as 56%.
Ontario 2013 Budget - May 2, 2013
Ontario 2012 and Earlier Budgets
Ontario 2012 Budget - March 27, 2012
Ontario 2011 Budget
See Ontario Budgets: past editions for more information on the 2011 Budget.
It is planned to combine 3 refundable tax credits - Ontario Sales Tax Credit (OSTC), Ontario Energy and Property Tax Credit (OEPTC) and Northern Ontario Entergy Credit (NOEC) into the Ontario Trillium Benefit (OTB). These payments would be combined, and paid out on a monthly basis.
Previously planned corporate tax reductions will reduce the general corporate tax rate to 10% in 2013. See our tables of corporate tax rates.
Ontario 2010 Budget - on ON Finance website
- no new income tax changes announced.
See Ontario Budgets: past editions for more information on the 2010 Budget.
Ontario 2009 Budget
Ontario 2008 Budget
Ontario 2007 Budget
Revised: November 17, 2024