​The budget anticipates a deficit of $26.5 million for 2021-22 and projects deficits of $92.9 million for 2022-23 and $51.9 million for 2023-24. Although the budget does not include any new changes to the corporate or personal tax rates, it increases the basic personal income tax exemption to $12,000 (from $11,250), effective January 1, 2023 and introduces a new tax on vaping products, among other changes.

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