Notable items in Ontario’s Fall Economic Statement

FRIDAY, NOVEMBER 18, 2022

The Ford government released their Fall Economic Statement this week with a couple of notable items announced affecting entrepreneurs:

-       The small business corporate income tax rate, previously phased out for businesses with taxable capital between $10 and $15 million, has been increased, now applying to businesses with up to $50 million in taxable capital.

-       Ontario is mirroring the federal immediate expensing of eligible capital property in certain classes.

-       A couple of media credits have been updated. The Film and Television tax credit will now also apply to online-only productions, and the Ontario Production Services tax credit will expand the eligible expenditures to include the costs for leasing locations for on-location filming

Finally, the non-resident speculation tax has been increased to 25% - this only applies to the purchase of a home in Ontario by foreign nationals and foreign corporations, assuming that they are not permanent residents. 

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