Budget Highlights & Other Announcements
March 28, 2023 Federal Budget Highlights
See below for some of the main tax announcements. The entire 2023 federal budget can be read by clicking here.
New Proposed Tax Credit for Tradespersons Tools
Registered Education Savings Plans (RESP)
Tax Brackets & Tax Rates - to view the 2023 federal and provincial tax brackets please click here.
March 23, 2023 Ontario Budget Highlights
The budget does not change Ontario personal income tax rates.
April 7, 2022 Federal Budget Highlights
See below for some of the main tax announcements. The entire 2022 federal budget can be read by clicking here.
First-Time Home Buyers’ Tax Credit
Multigenerational Home Renovation Tax Credit
First Home Savings Account (FHSA)
April 28, 2022 Ontario Budget Highlights
Ontario Seniors Care At Home Tax Credit - a new refundable Ontario Seniors Care at Home Tax Credit was introduced to assist seniors living at home. The credit is calculated on eligible expenses for seniors who still live at home and receive home care from a nurse, attendant or other medical services. Click here for more details.
December 3, 2021 Climate Action Incentive Payments (CAIP)
Prior to 2021, the Climate Action Incentive was a refundable tax credit claimed annually on personal income tax returns. The CAIP will now be paid as a quarterly benefit. If you are entitled, you will automatically receive your CAIP four times a year, starting in July 2022. Click here for more details.
Due to COVID-19 the 2020 Federal & Ontario Budgets have been delayed
April 11, 2019 Ontario Budget Highlights
The budget does not change Ontario personal income tax rates.
March 19, 2019 Federal Budget Highlights
Home Buyers’ Plan (HBP) - Budget 2019 proposes to increase the amount that first-time home buyers can withdraw from their Registered Retirement Savings Plans to buy or build a new home to up to $35,000 (from $25,000) under the HBP. Eligibility for the HBP is being extended to help Canadians maintain home ownership after marital or common-law relationship breakdowns. Click here for more details.
October 24, 2018 Climate Action Incentive Payments
Ontario residents will qualify for the Climate Action Incentive payment. Starting in 2018 individuals aged 18 and older will need to file a tax return to receive this refundable credit. Click here for more details.
March 28, 2018 Ontario Budget Highlights
Tax Brackets & Tax Rates - The Budget proposes to simplify Ontario’s personal tax system by eliminating surtaxes and introducing new tax brackets and tax rates.
Donation Tax Credit - The Budget proposes to increase the charitable donation tax credit rate on donations exceeding $200.
February 27, 2018 Federal Budget Highlights
Canada Workers Benefit - For 2019 and subsequent taxation years, the budget proposes to introduce the Canada Workers Benefit (CWB), an enhanced, more accessible version of the current Working Income Tax Benefit. The Canada Workers Benefit is a refundable tax credit that is intended to supplement the earnings of low income workers and improves work incentives for low-income Canadians. Click here for more details.
April 27, 2017 Ontario Budget Highlights
The Ontario Budget proposes various changes including free prescription medications to all children and youth aged 24 and under regardless of family income, electricity relief, etc. Click here for more details.
March 22, 2017 Federal Budget Highlights
Consolidation of Caregiver Credits - The Budget proposes to consolidate the existing caregiver credit, infirm dependant credit, and family caregiver tax credit with a new Canada Caregiver Credit. Click here for more details.
Caregiver Credit for Seniors - The Budget proposes to no longer allow claims in respect of non-infirm seniors who reside with their adult children.
Eliminating the Public Transit Tax Credit - The Budget proposes to eliminate the tax credit for public transit passes and electronic fare cards attributable to public transit use that occurs after June 2017. Click here for more details.
Other Budget Matters - Click here for more details.