The budget anticipates a deficit of $6 billion for 2024-25 and projects deficits of $14.6 billion for 2025-26 and $7.8 billion for 2026-27. Although the budget does not include any new changes to the corporate or personal income tax rates, it confirms that qualifying businesses can defer payments for select Ontario taxes owed from April 1, 2025, to October 1, 2025, enhances and expands the Ontario Made Manufacturing Investment Tax Credit and indefinitely extends the current reduced tax rates on gasoline and fuel, among other changes.
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