Tax & Accounting
November 09, 2020
2020 Ontario Budget Tax Update
Ontario Finance Minister Rod Phillips tabled the 2020 Ontario Budget, Ontario’s Action Plan: Protect, Support, Recover on November 5. The government projects a deficit of $38.5 billion for 2020-2021, which is unchanged from the deficit forecast in the 2020-2021 First Quarter Finances presented March 25. The government is forecasting declining deficits of $33.1 billion in 2021-2022 and $28.2 billion in 2022-2023. The government plans to table a multi-year plan, including a path to balancing the budget, in the 2021 Budget by March 31, 2021.
Several tax measures were announced in the budget and are summarized in this article.