?? Ontario’s 2024 Economic Outlook: Key Highlights for Families, Taxpayers, and Businesses ??

Ontario’s Finance Minister Peter Bethlenfalvy has unveiled Building Ontario for You, a fall economic plan focusing on critical infrastructure, affordability, and financial relief for Ontario families. Here’s a breakdown of the major updates impacting individuals and businesses:

?? One-Time Tax Rebates: A $200 rebate will be provided to all adult Ontario tax filers who filed for 2023 by December 31, 2024. Families qualifying for the Canada Child Benefit (CCB) will also receive an extra $200 for each child under 18.

???? New Fertility Tax Credit: To support families, a 25% tax credit will be introduced in 2025 for eligible fertility treatment expenses, including IVF, medications, and diagnostics.

? Gas and Fuel Tax Relief: Ontario’s temporary gasoline and diesel tax cut of $0.09 per litre will continue through June 2025, providing relief at the pump.

?? Support for Ontario Manufacturers: The Ontario Made Manufacturing Investment Tax Credit is extended, offering a 10% refundable tax credit to eligible businesses investing in buildings, machinery, and equipment for manufacturing.

? Extended Tax Relief for Electricity Distributors: Municipal electricity utilities serving 30,000+ customers will benefit from a reduced transfer tax rate, now at 0% (down from 22%) from 2025 to 2028.

?? No Income Tax Changes: Personal and corporate income tax rates remain unchanged, prioritizing financial stability for residents and businesses.

?? Provincial Tax System Review Continues: As part of modernizing Ontario’s tax structure, the government is focused on new measures to promote productivity and fairness.

For a complete breakdown of Ontario's economic initiatives, read the full fiscal review, courtesy of MNP, here.

credit:MNP

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