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Posted Tuesday November 20, 2018
Small Medium Business
Ontario Won’t Adopt All Federal Passive Income Changes
Ontario’s Minister of Finance Vic Fedeli announced that Ontario will not adopt federal measures to phase-out the small business limit for passive investment income. The province’s Fall Economic Update, released on November 15, 2018, also notes that Ontario will not proceed with measures to implement new personal income tax brackets and will not make changes to the Ontario Research and Development Tax Credit and the Ontario Innovation Tax Credit, as proposed by a previous government in Ontario’s 2018 provincial budget. Ontario has also announced new measures to introduce a non‐refundable tax credit for low‐income individuals and families.
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