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Home  -> Ontario -> Budgets

Ontario Budgets

All tax measures are subject to legislative approval.

2025 Ontario Budget - Thursday, May 15, 2025

2024 Ontario Economic Outlook and Fiscal Review

2024 Ontario Budget - Tuesday, March 26, 2024

2023 Ontario Budget - March 23, 2023

2022 Ontario Budget - April 28, 2022

2021 Ontario Economic Outlook and Fiscal Review - November 4, 2021

Ontario 2021 Budget - March 24, 2021

Ontario 2020 Budget - November 5, 2020

Ontaro Action Plan re COVID-19 - March 25, 2020

Ontario 2019 Fall Economic Outlook and Fiscal Review November 6, 2019

Ontario 2019 Budget - April 11, 2019

2018 Fall Economic Outlook and Fiscal Review November 15, 2018 

Ontario 2018 Budget - March 28, 2018

Ontario 2017 Fall Economic Statement - November 14, 2017

Ontario 2017 Budget - April 27, 2017

Ontario 2016 Budget - February 25, 2016

Ontario 2015 Budget - April 23, 2015

Ontario 2014 Budget - May 2, 2014

Ontario 2013 Economic Outlook and Fiscal Review - November 7, 2013

Ontario 2013 Budget - May 2, 2013

Ontario 2012 and Earlier Budgets

 

2025 Ontario Budget - May 15, 2025

2025 Ontario Budget - on the Ontario website.

Projected Surpluses / (Deficits)

  • 2024-25 ($6.0 billion)
  • 2025-26 ($14.6 billion)
  • 2026-27 ($7.8 billion)
  • 2027-28 $0.2 billion

Personal Income Tax Measure:

  • Refundable Fertility Treatment Tax Credit proposed, which would provide a tax credit of 25% of eligible expenses up to $20,000, for a maximum tax credit of $5,000 per year. The fertility treatment expenses could be claimed as the refundable tax credit as well as part of the non-refundable medical expense tax credit.

See Annex: Details of Tax Measures and Other Legislative Initiatives for complete details of tax measures related to businesses as well as commodity taxes (fuel taxes, alcohol taxes, etc).

2024 Ontario Economic Outlook and Fiscal Review

Ontario Fall Economic Statement - October 30, 2024

Annex: Details of Tax Measures and Other Legislative Initiatives - for complete details

Legislation: Bill 216, Building Ontario For You Act (Budget Measures), 2024 - Taxation Act, 2007 is Schedule 16 - Royal Assent November 6, 2024

Personal Tax Measures:

  • refundable Personal Income Tax credit to provide a one-time taxpayer rebate to Ontario residents that is comprised of two components:
    • one-time $200 taxpayer rebate to eligible Ontario tax filers who meet certain requirements.
    • one-time $200 taxpayer rebate made in respect of each child under age 18 for whom the Ontario family receives the Canada Child Benefit (CCB) for 2024.
  • lowering the Ontario additional tax for minimum tax purposes (AMT) from 33.67% to 24.63%, starting with the 2024 tax year. To accomplish this, their formula is changing from their lowest provincial tax rate / Federal lowest provincial tax rate to their lowest provincial tax rate / 20.5%, which is the % used in the revised Federal AMT calculation.

2024 Ontario Budget - Tuesday, March 26, 2024

Projected Surpluses / (Deficits)

  • 2023-24 ($3.0 billion)
  • 2024-25 ($9.8 billion)
  • 2025-26 ($4.6 billion)
  • 2026-27 $0.5 billion

Tax Measures:

  • no personal or corporate income tax changes, except:
    • Simplifying the Ontario Computer Animation and Special Effects (OCASE) Tax Credit
  • extending the temporary gas tax and fuel tax rate cuts - the rate of tax on gas and fuel will remain at 9 cents per litre for an additional 6 months, until December 31, 2024. This is a reduction from 14.7 cents per litre for gas and 14.3 cents per litre for diesel fuel.
  • tax system review continues.
  • property assessment and taxation review is being undertaken with consultations with stakeholders starting early spring. Property reassessment continues to be deferred until the review is complete.
  • proposal to eliminate the wine basic tax on sales of Ontario wine and wine coolers in on-site winery retail stores, effective April 1, 2024.
  • targeted review of taxes and fees on alcoholic beverages will be conducted.
  • legislation will be introduced to require the provincial government to hold an Ontario referendum before implementing a new provincial carbon pricing program.

Non-Tax Measures:

  • increasing maximum Guaranteed Annual Income System (GAINS) program benefit amounts, and adjusting to inflation annually.
  • eligibility for Ontario Electricity Support Program (OESP) will be expanded beginning March 1, 2024.
  • tuition freeze for students in publicly assisted colleges and universities extended for at least 3 more years.

There is a lot more to the budget besides the above. See the following on the Ontario website:

2024 Ontario Budget

Annex: Details of Tax Measures and Other Legislative Initiatives

Legislation:

Bill 180, Building a Better Ontario Act (Budget Measures), 2024

2023 Ontario Budget - March 23, 2023

Projected Surpluses / (Deficits)

  • 2023-24 ($1.3 billion)
  • 2024-25 $0.2 billion
  • 2025-26 $4.4 billion

Tax Measures:

  • new Ontario Made Manufacturing 10% Investment Tax Credit for CCPCs that make qualifying investments and that have a permanent establishment in Ontario
  • current gas tax and fuel tax cuts extended until December 31, 2023
  • legislation will be introduced to expand the Guaranteed Annual Income System (GAINS) program starting in July 2024, to see about 100,000 additional seniors be eligible for the program
  • proposal to adjust the GAINS benefit annually so that it increases with inflation
  • as proposed in the 2022 Ontario Economic Outlook and Fiscal Review, extending the phase-out range for Ontario's small business corporate income tax rate to between $10 million and $50 million of taxable capital employed in Canada, mirroring the federal government change.
  • proposal to set a single 12% basic tax rate on wine and wine coolers sold in off-site winery retail stores, including wine boutiques, coming into effect on July 1, 2023. This would replace the four separate basic tax rates that currently apply.

From the Ontario website:

Complete 2023 Budget

Annex: Details of Tax Measures and Other Legislative Initiatives

Legislation:

Bill 85, Building a Strong Ontario Act (Budget Measures), 2023

 

2022 Ontario Budget - April 28, 2022

Projected deficits:

  • 2021-22 $13.5 billion
  • 2022-23 $19.9 billion
  • 2023-24 $12.3 billion
  • 2024-25 $7.6 billion

From the Ontario website:

Complete 2022 Budget

Annex: Details of Tax Measures and Other Legislative Initiatives

Bill 126, Plan to Build Act (Budget Measures), 2022 - April 28, 2022 - this Act was not passed before the 42nd Parliament ended, so was reintroduced on August 10, 2022 as:

Bill 2, Plan to Build Act (Budget Measures), 2022

Personal Tax Measures

  • Enhancement to LIFT Credit effective January 1, 2022:
    • Maximum benefit increased from $850 to $875
    • Phase-out rate reduced from 10% to 5%
    • Individual income range for benefit reduction increased
      • was $30,000 to $38,500
      • will be $32,500 to $50,000
    • Family income range over which benefit is reduced increased
      • was $60,000 to $68,500
      • will be $65,000 to $85,000
  • Ontario Seniors Care at Home Refundable Tax Credit effective January 1, 2022
    • Credit of 25% of claimable medical expenses up to $6,000, for a maximum credit of $1,500
      • Reduced by 5% of family net income over $35,000
      • Fully phased out by at most $65,000
      • Family net income test is same for singles and couples
      • Credit is in addition to the non-refundable federal and Ontario 
    • Will be based on medical expenses claimed for the existing Ontario Medical Expense Tax Credit (METC)
    • Eligibility requirements:
      • Age 70+ in the year, or have a spouse or common-law partner age 70+ in the year; and
      • Resident in Ontario at the end of the tax year

Business Tax Measures

Measures Prior to the 2022 Budget

2021 Ontario Economic Outlook and Fiscal Review - November 4, 2021

See Ontario Fall Economic Statement: past editions for more information on the 2021 Fall Economic Statement.

Annex: Details of Tax Measures and Other Legislative Initiatives - for complete details

Legislation

Personal Tax Measures

Property Tax Measures

  • Brownfields Financial Tax Incentive Program (BFTIP) - Extend the period for matching provincial education tax assistance from 3 to 6 years for business developments and 10 years for residential developments, streamline administrative processes.
  • On-farm business property tax subclass providing reduced tax rate - increase the assessment threshold from $50,000 to $100,000.  While the province will apply a reduced business education tax rate to the increased threshold, municipalities will have the option to maintain the current $50,000 threshold.

Ontario 2021 Budget - March 24, 2021

Projected deficits:

  • $38.5 billion for 2020-21
  • $27.7 billion to $35.6 billion for 2021-22
  • $21.3 billion to $33.4 billion for 2022-23

Proposed Personal Tax Measures

Proposed Business Tax Measures

  • make the Employee Health Tax (EHT) payroll exemption increase permanent.
  • EHT exemption is indexed to inflation every 5 years, with next adjustment scheduled for 2024. This will be moved to January 1, 2029.
  • double the threshold payroll amount beyond which employers are required to pay EHT instalments, to $1.2 million, starting in 2021.
  • Cultural Media Tax Credit Amendments
  • Extension to deadlines for Ontario R&D Tax Credit (ORDTC)
  • Reduce Business Education Tax (BET) rates to 0.88% beginning in 2021
  • Provide municipalities flexibility to target property tax relief to small businesses.
  • Consider matching municipal property tax reductions.

There are many other measures in the budget - see Ontario Budget Table of Contents for all details.

Legislation:

News Release

See Ontario Budgets: past editions for more information on the 2021 Budget.

Ontario 2020 Budget - November 5, 2020

Action Plan re COVID-19 - March 25, 2020

 on Ontario website

The Ontario March 2020 Economic and Fiscal Update was released on March 25, 2020.

  • Employer Health Tax (EHT) - temporary increase in exemption from $490,000 to $1 million for 2020.
  • new 10% refundable Regional Opportunities Investment Tax Credit, available to eligible businesses that construct, renovate or acquire qualifying commercial and industrial buildings in designated regions of the province, providing up to $45,000 savings in the year.
  • 5 month interest and penalty-free period for businesses to make payments for most provincially administered taxes.
  • Guaranteed Annual Income System (GAINS) maximum payments doubled for 6 months beginning April 2020.
  • Ontario Student Assistance Program (OSAP) - 6 months of loan and interest accrual relief (no loan payments March 30 to September 30), in coordination with the federal governments measures.

Many other measures - for complete details see above link and Ontario Action Plan

2019 Fall Economic Outlook and Fiscal Review November 6, 2019 - on Ontario website.

Tax Proposals:

Small business corporate income tax rate to be reduced to 3.2% from 3.5% starting January 1, 2020.

The small business (non-eligible) dividend tax credit rate will be reduced to 2.9863% from 3.2863% effective January 1, 2020.  See Ontario Dividend Tax Credit for Non-Eligible Dividends.  The 2020 Tax Rate Tables have been revised, as has the Basic Income Tax Calculator.

Reduce aviation fuel tax rate in the North to 2.7 cents per litre from 6.7 cents per litre.

See also: 

Annex: Details of Tax Measures

Bill 138, Plan to Build Ontario Together Act, 2019

Ontario 2019 Budget - April 11, 2019

2018 Fall Economic Outlook and Fiscal Review November 15, 2018 

Ontario 2018 Budget - March 28, 2018

Ontario 2017 Fall Economic Statement - November 14, 2017

Business/Personal Tax Measures:

  • small business corporate income tax rate reduced from 4.5% to 3.5% effective January 1, 2018
  • non-eligible dividend tax credit rate reduced to 3.2863% of the taxable dividend effective January 1, 2018.  However, Bill 177 (link below) legislative changes result in a rate of 3.1197%, which is what we are using in the Ontario tax rate tables.  The difference is due to the reduction in the gross-up rate for 2018, to 16%.
  • The Apprenticeship Training Tax Credit (ATTC) is being eliminated for employers with apprentices who register in an apprenticeship program after November 14, 2017.  This is in conjunction with the announcement of the new Graduated Apprenticeship Grant for Employers (GAGE).

See Ontario Fall Economic Statement: past editions for more information on the 2017 Fall Economic Statement.

Bill 177, Stronger, Fairer Ontario Act (Budget Measures), 2017 was tabled on November 14, 2017 and received Royal Assent on December 14, 2017.

Ontario 2017 Budget - April 27, 2017

Ontario 2016 Budget - February 25, 2016

Ontario 2015 Budget - April 23, 2015

See Ontario Budgets: past editions for more information on the 2015 Budget.

There are no changes to the personal income tax system.  The main tax-related provisions in the budget are:

  • changes to business tax supports including
    • Apprenticeship Training Tax Credit
    • Ontario Interactive Digital Media Tax Credit
    • Film and Television Tax Credits
    • Ontario Sound Recording Tax Credit
  • paralleling Federal measures re the taxation of trusts and estates
  • Provincial Land Tax reform

Ontario 2014 Budget - May 2, 2014

Ontario 2013 Economic Outlook and Fiscal Review - November 7, 2013

See Ontario Fall Economic Statement: past editions for more information on the 2013 Fall Economic Statement.

The Ontario government announced revisions to both eligible and non-eligible dividend rates.  Another change is that the Ontario surtax, starting in 2014, will be calculated before deducting dividend tax credits.  By doing so, all taxpayers get the same amount of dividend tax credit.  Previously, the surtax was applied after these tax credits were deducted, thus increasing the tax credits for high income earners by as much as 56%.

Ontario 2013 Budget - May 2, 2013

Ontario 2012 and Earlier Budgets

Ontario 2012 Budget - March 27, 2012

Ontario 2011 Budget

See Ontario Budgets: past editions for more information on the 2011 Budget.

It is planned to combine 3 refundable tax credits - Ontario Sales Tax Credit (OSTC), Ontario Energy and Property Tax Credit (OEPTC) and Northern Ontario Entergy Credit (NOEC) into the Ontario Trillium Benefit (OTB).  These payments would be combined, and paid out on a monthly basis.

Previously planned corporate tax reductions will reduce the general corporate tax rate to 10% in 2013.  See our tables of corporate tax rates.

Ontario 2010 Budget - on ON Finance website

- no new income tax changes announced.

See Ontario Budgets: past editions for more information on the 2010 Budget.

Ontario 2009 Budget

Ontario 2008 Budget

Ontario 2007 Budget

 

Revised: September 12, 2025

 

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