Ontario’s 2014 budget proposals were announced on 1 May 2014. The measures proposed in the budget include a personal tax increase for individuals earning above CAD150,000; the phasing out of the small business deduction given to some larger Canadian controlled private corporations; and the introduction of a new Ontario Retirement Pension Plan. There is also a new provision requiring disclosure of aggressive tax avoidance schemes, similar to the federal legislation in respect of reportable transactions. Ontario can therefore gather information on new schemes and if necessary pass measures to combat the schemes.
Increases are proposed in taxes on tobacco and aviation fuel, and licensing and registration rules are introduced for road-building machines using public highways. A new anti avoidance provision is to be brought in for the land transfer tax.
