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.
© 2019 KPMG LLP, a Canada limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.