Ontario has Released the 2021 Fall Economic Statement
On November 4, 2021, the Province released the 2021 Ontario Economic Outlook and Fiscal Review: Build Ontario.
The Fall statement usually focuses on a mid-year look as to how the Province is faring compared to what it laid out in the Spring Budget. This year, the government has included several key proposed initiatives worth highlighting to you:
- Introducing a temporary, refundable “staycation” tax credit for 2022. This 20% credit would apply on eligible 2022 accommodation expenses of up to $1,000 for an individual and $2,000 for a family. This would result in a maximum credit of $200 or $400, respectively.
- Extending the Ontario Jobs Training Tax Credit for an additional year to 2022 . This temporary refundable credit is equal to 50% of eligible expenses, to a maximum credit of $2,000.
- Extend the Ontario Seniors’ Home Safety Tax Credit for an additional year to 2022. This temporary refundable personal income tax credit provides a 25% credit on up to $10,000 of certain eligible expenses for a senior’s principal residence in Ontario.
- Proposing future changes based on its ongoing review of the provincial property assessment and taxation system.
- Proposing 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. Note that corporations that offer securities to the public and their wholly owned subsidiaries would be exempt from these requirements.
Note there were no changes to personal or corporate income tax rates.
If you have any questions as to how one of these or any other government program could impact you or your business please feel free to give us a call.