Tax Highlights From the 2022 Ontario Budget

Minister of Finance Peter Bethlenfalvy tabled the 2022/2023 Ontario provincial budget on April 28, 2022. Given that the province will have a general election on June 2, 2022, the measures announced in the budget may or may not proceed depending on the results of the election.

As per the budget, Ontario has made progress recovering from the COVID‐19 pandemic. Ontario’s real gross domestic product (GDP) increased 4.3% in 2021, and employment rose by 344,800 net jobs in 2021 or 4.9%. Ontario’s revenue outlook is forecast to increase from $173.6 billion in 2021/2022 to $196.9 billion in 2024/2025 and program expenses are expected to grow from $174.1 billion in 2021/2022 to $188.1 billion in 2024/2025. Over the medium term, the government is projecting declining deficits of $19.9 billion in 2022/2023, $12.3 billion in 2023/2024 and $7.6 billion in 2024/2025, with a return to a surplus position by 2027/2028. However, uncertainty remains about the future pace of economic growth, which may impact these projections further. Read more here.

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