The Ontario government released its 2024 budget on March 26, 2024. The budget projects a deficit of $3 billion in 2023-24, $9.8 billion in 2024-25 and $4.6 billion in 2025-26.
Key tax highlights include:
- No changes to the corporate or personal tax rates. As a result, Ontario’s corporate and personal income tax rates remain as follows:
- Gasoline tax and fuel tax rate reductions have been extended until December 31, 2024 (instead of ending June 30, 2024).
- Eligibility requirements for the Ontario Computer Animation and Special Effects Tax Credit have been amended.
- The government intends to review taxes and fees on beer, wine and alcoholic beverages.
- Tobacco tax administrative changes including adjusting the monthly filing deadline and increasing fines.
The budget includes several other changes of interest, including confirmation the government is proceeding with its review of the provincial tax system, which was announced last year.