An Insight into the 2015 Ontario Budget
On April 23, 2015 Finance Minister Charles Sousa tabled his third Budget. 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. Read More
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