Ontario 2018 Budget: OCC response
On March 28, 2018 the Government of Ontario released its 2018 Budget, A Plan for Care and Opportunity.
Included is changes to the tax code that will result in nearly half a billion dollars in new taxes on Ontario’s employer community. The Ontario Government is harmonizing with the federal government’s eligibility criteria, leaving over 20,000 employers paying $100 million more in Employment Health Tax over the next three years. In addition, businesses will be phased out of the small business deduction if they earn between $50,000 and $150,000 of passive investment income, resulting in an additional $350,000 million in new taxes for Ontario businesses over the next three years.
The OCC’s response can be found here. A toolkit was provided to the Chamber Network last week.
A follow up release was sent out today, with additional toolkit materials provided to the Chamber Network.
For specific questions about the budget please contact Ashley Challinor at email@example.com