Ontario will not adopt federal measures to phase-out the small business limit for passive investment income
The province’s Fall Economic Update, released on November 15, 2018, also notes that Ontario will not proceed with measures to implement new personal income tax brackets and will not make changes to the Ontario Research and Development Tax Credit and the Ontario Innovation Tax Credit, as proposed by a previous government in Ontario’s 2018 provincial budget. Ontario has also announced new measures to introduce a non‐refundable tax credit for low‐income individuals and families.
Download this edition of the TaxNewsFlash to learn more.
© 2020 KPMG LLP, an Ontario limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.