Ontario Provincial Budget Commentary – May 1, 2014
On May 1, 2014, Ontario Finance Minister Charles Sousa tabled his second Budget.
The deficit for the 2013-14 fiscal year is projected to be $11.3 billion, which is $400 million less than the amount estimated when the 2013 Budget was tabled. The deficit for the 2014-15 year is projected to be $12.5 billion and the longer-term forecast continues to call for a return to a surplus by 2016-17. Net public debt to GDP is projected to continue to increase until 2015-16, from which time it will to start to decrease.
Top income earners, large Canadian-controlled private corporations (CCPC), users of aviation fuel and tax-exempt diesel fuel, and smokers will all face increases in the taxes they pay.
Subsequent to the Budget’s release, the NDP indicated that they would not support it and a general election has now been called for June 12, 2014. As a result, the future of this Budget’s contents is uncertain.
Please click the link to read Lipton’s full Ontario Budget Commentary
This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact Lipton LLP to discuss these matters in the context of your particular circumstances. Lipton LLP, its partners, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it.