2019 Ontario Budget Highlights
On April 11, 2019 the Ontario Finance Minister, Vic Fedeli, delivered the province’s 2019 budget. Among the highlights are the following new proposed tax measures:
- No changes to personal or corporate income tax rates were announced.
- Elimination of Estate Administration Tax on the first $50,000 of the value of an Estate, effective January 1, 2020.
- Introduction of a new refundable Ontario Childcare Access and Relief from Expenses (CARE) personal tax credit beginning with the 2019 tax year to assist families with child care costs. This credit would be in addition to the existing child care deduction and is based on family income and eligible child care expenses. The credit decreases as family income increases and is completely eliminated when family income exceeds $150,000.
For full details, please visit budget.ontario.ca
For further information, please contact your Davis Martindale advisors – we are available and ready to assist you!