Ontario’s Finance Minister Peter Bethlenfalvy delivered the province’s 2023 budget on March 23, 2023. The budget anticipates a deficit of $2.2 billion for 2022-23 and projects a deficit of $1.3 billion for 2023-24 and a surplus of $0.2 billion for 2024-25. Although the budget does not include any new changes to the corporate or personal tax rates, it introduces a new 10% refundable Manufacturing Investment Tax Credit for Canadian-controlled private corporations (CCPCs) on qualifying capital investments related to manufacturing or processing, among other changes.
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