Ontario announces childcare credit and estate tax changes
Ontario delivered its 2019 budget on April 11, 2019. The budget anticipates deficits of $11.7 billion for 2018-19 and $10.3 billion for 2019-20. Although the budget does not include any new changes to the corporate or personal tax rates, it introduces a new refundable Ontario Childcare Access and Relief from Expenses (CARE) personal tax credit and eliminates the Estate Administration Tax on the first $50,000 of an estate's value.
Ontario's budget implementation bill, Bill 10, received first reading on the same date as its provincial budget. The corporate income tax measures included in Bill 10 are considered substantively enacted under IFRS and Accounting Standards for Private Enterprise (ASPE) on April 11, 2019, the date Bill 10 received first reading (as Ontario has a majority government).
For more information, see TaxNewsFlash-Canada 2019-17, "Highlights of the 2019 Ontario Budget", or contact your KPMG adviser.
Information is current to April 16, 2019. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500