close
Share with your friends

Highlights of Ontario's 2020 Economic and Fiscal Update

Highlights of Ontario's 2020 Economic and Fiscal Update

Ontario’s Finance Minister Rod Phillips delivered the province’s 2020 economic and fiscal update on March 25, 2020.

1000

Related content

Ontario’s Finance Minister Rod Phillips delivered the province’s 2020 economic and fiscal update on March 25, 2020. This update comes in the wake of Ontario's decision to postpone the release of its full 2020 provincial budget due to the COVID-19 outbreak and its related economic consequences.

The economic and fiscal update anticipates a deficit of $20.5 billion for 2020. Although the update does not adjust corporate or personal tax rates, it makes several changes to accommodate for the economic environment wrought by COVID-19—among other measures, the update introduces a new 10% refundable corporate tax credit, and announces five months of relief from penalties and interest for Ontario businesses that miss any filing or remittance deadlines for certain provincial taxes. The update also indicates the province intends to deliver a multi-year Ontario budget no later than November 15, 2020.

Download this edition of the TaxNewsFlash to learn more.

© 2021 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.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal

Stay up to date with what matters to you

Gain access to personalized content based on your interests by signing up today

Sign up today