Ontario Budget Report 2017
April 27, 2017
On April 27, 2017, the Honourable Charles Sousa presented his sixth budget as Minister of Finance. With a growing economy, the Ontario Liberal government was able to produce its first balanced budget in a decade.
If the economy continues to grow, there is potential for revenues to soon exceed expenditures, giving the government the opportunity to reduce taxes or government debt. However, with a provincial election just over a year away, the government is focused on increasing spending that may result in a return to deficits and increasing debts.
Highlights
- Deficit of $1.5 billion now forecast for 2016-17
- Balanced budget for 2017-18; balanced budget maintained for 2018-19 and 2019-20
- Increased spending in health care and infrastructure
- Tax system review announced
For more information, contact:
Dave Walsh
Partner, Tax Service Line Leader
John Wonfor
Partner, National Tax Office Leader
Rachel Gervais
Partner, GTA Group Tax Service Line Leader & Transaction Tax Practice Leader
Peter Routly
Partner, Central Group Tax Service Line Leader
Shelley Smith
Partner, East Group Tax Service Line Leader & Indirect Tax Practice Leader