Ontario's Fall Fiscal Update

Posted Nov 23rd, 2021 in News & Events

Ontario's Fall Fiscal Update

When is a Budget not a Budget? When it's an Economic Outlook and Fiscal Review, which is what we got earlier this month. For something with a name that long, there wasn't too much contained in the document itself.

From an income tax perspective, these are the highlights:

There is also a proposal to reduce the tax rate on certain on-farm buildings (generally value-added facilities). The province is promising to reduce the education tax rate on the first $100,000 of assessment. it is left to each municipality to choose if they will reduce the other components of the property tax bill.

Other property tax measures include extending the farm classification of maple sap processing to all edible tree saps, increasing the exemption of on-farm woodlots to 30 acres, and streamlining the application for the Farm Property Tax Class Rate Program.

For the full update, see the Government of Ontario's website.

For help with your income tax returns - personal or corporate - contact one of our members who specialize in tax issues

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