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Canada: Tax relief in Ontario (COVID-19)

Canada: Tax relief in Ontario (COVID-19)

Ontario’s Finance Minister on 25 March 2020 delivered the province’s 2020 economic and fiscal update in response to the coronavirus (COVID-19) pandemic.


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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.

The economic and fiscal update does not adjust corporate or individual (personal) tax rates. However, it makes several changes to accommodate for the economic situation resulting from COVID-19. Among other measures, the update:

  • Introduces a new 10% refundable corporate tax credit
  • Announces five months of relief from penalties and interest for Ontario businesses that miss any filing or remittance deadlines for certain provincial taxes
  • Indicates the province intends to deliver a multi-year Ontario budget no later than 15 November 2020

Read a March 2020 report prepared by the KPMG member firm in Canada

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