Market and Investment Insights

Below is a brief summary of the Ontario budget from April 27, 2017.  You can download a full review from Scotiabank here.

  • Children’s Prescription Medication: All children and youth aged 24 and under, regardless of family income, get free prescription medication
  • Electricity: Lower household electricity bills on average by 25% beginning this summer (even greater reduction for on-reserve First Nations and low income)
  • OSAP: Starting this fall, Ontario will roll out the new OSAP
  • Affordable Childcare: Removed Ontario childcare waitlist fees (creating new licensed spaces and renewed investment in childcare)
  • Elimination of Drive Clean Emissions Test Fee: As of April 1, 2017 government eliminated $30 fee for Drive Clean emissions test
  • Lowering Public Transit Costs for Seniors: Available July 1, 2017 government proposing a new Ontario Seniors Public Transit Tax Credit for all Ontarians aged 65 or older
  • Rent Control: The government is proposing to expand rent control to all private rental units, including those occupied on or after November 1, 1991.
  • Ontario Lifelong Learning Skills Plan: Investment in adult education, New OSAP support for mature students, updating Key Employment Ontario programs that support unemployed workers who require retraining or new skills
  • Personal Ontario Caregiver Tax Credit (OCTC): Replacing the separate caregiver and infirm dependant tax credits with a new Ontario Caregiver Tax Credit beginning in the 2017 tax year.
  • Personal Ontario Medical Expense for Fertility Treatments: Following the measures in the 2017 Federal Budget, the Ontario Budget proposes to adopt the Federal changes to allow Ontarians to claim tax relief at both Federal and Ontario levels.
  • Personal Tax Planning Strategies for Private Corporations: The Ontario Budget proposes to work with the Federal Government to examine tax planning strategies involving private corporations relating to: income-splitting with family members, holding passive investment portfolios inside a private corporation, converting business income to capital gains
  • Burden Reduction Initiatives: The budget proposes 150 changes to existing statues that will save businesses costs due to reporting requirements
  • Tobacco Tax: The Budget proposes to increase tobacco tax rates by $10 per carton of 200 cigarettes over 3 years