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.
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