On March 28, 2018, Ontario’s Finance Minister Charles Sousa delivered the 2018 budget. This budget anticipates a surplus of $500 million in 2017-18 and deficits of $6.7 billion for 2018-19 and $6.6 billion for 2019-20.
The budget also includes changes to Ontario’s personal income tax rates and brackets although these proposed changes have no impact on the top marginal income tax rates. No changes to corporate income tax rates were announced. The budget also provides increases to the Ontario Research and Development Tax Credit and the Ontario Innovation Tax Credit as well as changes to the Employer Health Tax exemption.
