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