The budget anticipates a deficit of $5 billion for 2022-23 and projects deficits of $4 billion for 2023-24 and $3 billion for 2024-25. The government expects the budget balance to be restored for fiscal 2027-2028.
Although the budget does not include any changes to the corporate income tax rates, it does reduce the personal income tax rate by 1% for the two lowest income tax brackets, effective January 1, 2023. The budget also introduces a new tax holiday for certain large investment projects carried out after March 21, 2023.
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