The Update anticipates a deficit of $16.9 billion for 2026-27 and projects a deficit of $12.7 billion for 2027-28 and $6.7 billion in 2028–29 before returning to balance in 2029–30. The Update announces the province’s new Ontario Competitiveness Tax Cut (OCTC) and proposes to update eligibility for the Ontario Computer Animation and Special Effects (OCASE) Tax Credit, 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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