Canada: Tax proposals in economic update (Ontario)

No changes to the corporate or individual tax rates

No changes to the corporate or individual (personal) tax rates

The Finance Minister of Ontario on 2 November 2023 released the fall economic update.

Although the update does not include any new changes to the corporate or individual (personal) tax rates, it proposes:

  • Effective removal of the provincial 8% harmonized sales tax (HST) on qualifying new purpose-built rental housing in Ontario in line with recent federal proposed goods and services tax (GST) changes
  • Extension of the gas and fuel tax reductions until mid-2024

Read a November 2023 report [PDF 194 KB] prepared by the KPMG member firm in Canada



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