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 2009 Ontario Budget Commentary
March 26, 2009
Introduction
Finance Minister Dwight Duncan delivered Ontario’s 2009 Budget on March 26, 2009.
The Budget is projecting a deficit of $3.9 billion in 2008-09, increasing to $14.1 billion in 2009-10.
As anticipated the Budget proposes to harmonize Ontario’s current 8% Retail Sales Tax and the federal 5% GST tax to create a single 13% value added sales tax. These changes are effective July 1, 2010. The Budget proposes minor tax rate changes for individuals while increasing the tax rate on both eligible and noneligible dividends. For corporations there are tax cuts in the general, manufacturing and processing and small business tax rates as well as the elimination of the small business deduction surtax.
The following summarizes the tax related measures included in the current Budget.
Click here for the complete 2009 Ontario Budget Commentary prepared by Collins Barrow (*.pdf format)
Collins Barrow regularly publishes Tax Alert for its clients and associates. It is designed to highlight and summarize the continually changing tax and business scene across Canada. While Tax Alert suggests general planning ideas, we recommend professional advice always be sought before taking specific planning steps.
If you have any questions or would like further information, you may contact anyone in our Toronto tax group:
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Collins Barrow Toronto LLP
20 Eglinton Avenue West, Suite 2100, P.O. Box 2014, Toronto, Ontario M4R 1K8 Canada
Ph: 416.480.0160 Fax: 416.480.2646
email: cbtoronto@collinsbarrow.com online: www.collinsbarrowtoronto.com
Collins Barrow Toronto LLP, a Member Firm of Praxity, AISBL, a Global Alliance of Independent Firms
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