The 2014 Ontario budget was reintroduced on July 14, 2014 and remained essentially similar to that originally presented on May 1, 2014. The budget includes, amongst other things, significant tax increase to individuals earning more than $150,000 per annum and the phase out of the provincial small business deduction for Canadian Controlled Private Corporations. In addition, get ready to pay higher prices for your airline tickets as aviation fuel tax is set to increase over three years from 2.7 cents per litre to 6.7 cents per litre.
Click here, to read more about the tax and benefit related measures announced in the 2014 Ontario Budget.
If you have any questions regarding the reintroduced Ontario budget please contact Richard Rizzo at (905) 633-6332.