February 2016


2016 Ontario Provincial Budget Commentary

On February 25, 2016 Finance Minister Charles Sousa tabled his fourth Budget.

The deficit for the 2015-16 fiscal year is projected to be $5.7 billion, which is $2.8 billion less than forecasted in the 2015 Budget. The deficit is projected to drop to $4.3 billion for 2016-17 and to be eliminated by 2017-18. Furthermore, the government is also projecting a balanced budget in 2018-19.

The Budget does not include any changes to Ontario’s personal tax rates but certain personal tax credits are being eliminated. In addition, changes to the so-called “sin taxes” are proposed. From a business perspective, although there are no changes to corporate tax rates, there are proposed reductions to certain credits.

Please Click Here to read our full Ontario Provincial Budget Commentary

Jeff Nightingale is the Co-Managing Partner and Senior Tax Partner at Lipton LLP, Chartered Accountants.  Jeff has written a number of publications and speaks to a variety of professional and business groups, including the Canadian Tax Foundation, the Institute of Chartered Accountants of Ontario and The Law Scociety of Upper Canada.  He has also completed the CICA In-Depth Tax Course as well as other advanced taxation courses and is a member of the Canadian Tax Foundation and the Society of Trust and Estate Practitioners.

Learn More about Jeff Nightingale

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Are you ready for Tax Time?

The May 2, 2016 deadline to file your 2015 personal income tax return is quickly approaching. As a result of changes in tax laws and the ever-increasing complexity in preparing personal tax returns, please gather your required tax information(as outlined in the attached 2015 Personal Tax Checklist) and submit them to us no later than Monday, April 4th, 2016.

Provided below, is a link to everything you will need to allow us to prepare your 2015 T1 Income Tax Return.

Click here to view the Summary & Checklist

Should you have any questions or concerns about anything pertaining to the preparation of your 2015 T1 Income Tax Return, please feel free to contact your Lipton advisor.

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