On November 4, 2021, Ontario’s Finance Minister Peter Bethlenfalvy released Build Ontario: Fall Economic Update 2021.
The economic statement does not change personal or corporate income tax rates, but does:
- Propose a new, temporary refundable staycation tax credit for the 2022 tax year. This 20% credit would apply on eligible 2022 accommodation expenses of up to $1,000 for an individual and $2,000 for a family, for a maximum credit of $200 or $400, respectively.
- Extend the Ontario Jobs Training Tax Credit to 2022 (from 2021). This temporary refundable credit, which was announced in the 2021 Ontario budget, is equal to 50% of eligible expenses, to a maximum credit of $2,000.
- Extend the Ontario Seniors’ Home Safety Tax Credit to 2022 (from 2021). This temporary refundable personal income tax credit, which was introduced in the 2020 Ontario budget, provides a 25% credit on up to $10,000 of certain eligible expenses for a senior’s principal residence in Ontario.
- Propose changes based on its ongoing review of the provincial property assessment and taxation system.
- Propose to require privately held business corporations to collect and maintain beneficial ownership information, on certain “individuals with significant control”, effective January 1, 2023. These corporations would have to make this information on each individual available upon request to law enforcement, tax authorities, and certain regulatory authorities under changes to the Business Corporations Act. Corporations that offer securities to the public and their wholly owned subsidiaries would be exempt from these requirements.
Please click here to read the entire release. If you have any questions, please contact your Lipton advisor.
