Ontario 2019 Budget - April 11, 2019
All proposals are subject to legislative approval. See subsequent legislation:
- New Ontario Childcare Access and Relief from Expenses (CARE) refundable tax credit proposed, which would provide about 300,000 families with up to 75% of their eligible child care expenses. This tax credit will start with the 2019 tax year, and will be claimed on the tax return. The tax credit will be based on family income and eligible child care expenses. Lower income families would get a higher percentage tax credit. Starting with the 2021 tax year, families can choose to receive advance payments throughout the year or receive a single payment when filing their tax returns after the year ends.
- Effective January 1, 2020, eliminating the Estate Administration Tax for taxable estates with assets of $50,000 or less, and reducing it by $250 for larger taxable estates.
- Faster write-off of capital investments by corporations, under the Ontario Job Creation Investment Incentive, which parallels the measures announced in the federal 2018 Fall Economic Statement.
- Ontario Interactive Digital Media Tax Credit - proposal to reduce minimum Ontario labour expenditure from $1 million to $500,000 for this refundable tax credit, effective for taxation years commencing after April 11, 2019.
Mentioned in the 2019 Budget, but previously introduced as part of the Ontario 2018 Fall Economic Statement:
- Small Business Deduction - re not paralleling the federal government measure to phase out the benefit from the lower small business corporate income tax rate.
Revised: May 12, 2019
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