The Update anticipates a deficit of $13.5 billion for 2025-26 and projects a deficit of $7.8 billion for 2026-27 and a surplus of $0.2 billion for 2027-28. The Update expands the Ontario Made Manufacturing Investment Tax Credit (OMMITC), announces a new Harmonized Sales Tax (HST) rebate to eliminate the provincial HST on qualifying homes for first-time home buyers, and introduces a Non-Resident Speculation Tax (NRST) rebate on certain repurposed residential properties, among other changes. Note that the Update does not include any new changes to the corporate or personal income tax rates.
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