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:

• Ontario Staycation Refundable Tax Credit, which will refund a portion of accommodation fees paid in the province during 2022.
• Ontario Jobs Training Tax Credit will be extended by one year to cover 2022 costs.
• Ontario Seniors' Home Safety Tax Credit will also be extended by one year to cover 2022 expenditures.

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.

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