ON Budget 2023 projects a deficit of $2.2 billion for the 2022-23 fiscal year, compared to a $19.9 billion deficit projected in the previous budget. Ontario anticipates balancing the budget by 2024-25.
Fiscal results for the next three years are projected as follows:
| Year | Projected surplus (deficit) |
| 2023-24 | ($1.3 billion) |
| 2024-25 | $0.2 billion |
| 2025-26 | $4.4 billion |
No changes to the corporate or personal tax rates, or the $500,000 small business limit.
The new Ontario Made Manufacturing Investment Tax Credit, which provides a 10% credit to Canadian-controlled private corporations with a permanent establishment in Ontario on qualifying investments.
A harmonized 12% tax rate on certain wine and wine coolers to replace the four existing tax rates in place, effective July 1, 2023.
Other notable items such as significant investments in housing, workforce, infrastructure, critical mineral strategy and support for low-income seniors.
Visit our Budget 2023 hub to learn more about all federal and provincial budgets.
Disclaimer
The information contained herein is general in nature and is based on proposals that are subject to change. It is not, and should not be construed as, accounting, legal or tax advice or an opinion provided by Grant Thornton LLP to the reader. This material may not be applicable to, or suitable for, specific circumstances or needs and may require consideration of other factors not described herein.
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