Four things you need to know about the 2024 Ontario Budget

Building a Better Ontario

On Tuesday March 26, 2024, the Ontario Government, under the leadership of the Ford administration, unveiled its most extensive budget to date, totaling $214.5 billion. Here are four highlights you should be aware of.

Ontario Computer Animation and Special Effects Tax Credit

The Ontario Computer Animation and Special Effects (OCASE) Tax Credit is an 18 per cent refundable corporate income tax credit available to companies that undertake computer animation and special effects activities on eligible film and television productions in Ontario.

The government is proposing to streamline eligibility criteria for the credit to expedite tax benefits for companies, ensuring they are accessible promptly while restricting them to specific professional productions.

Ontario Non-Resident Speculation Tax (NRST)

The government announced its intention to further strengthen the Ontario NRST with amendments to support compliance and improve fairness. The government is taking steps to increase information sharing regarding foreign purchasing and ownership patterns between all three levels of government (federal, provincial, and municipal).

Gas and Fuel Tax

The temporary gas tax rate cut of 5.7 cents per liter and the fuel tax rate cut of 5.3 cents per liter is extended to December 31, 2024.

Alcohol Taxation

The government is proposing to scrap the 6.1 per cent basic tax that applies to sales of Ontario wine and wine coolers in on-site winery retail stores.

To understand how these changes will impact your personal and business affairs, schedule a consultation with a Crowe Soberman Advisor.

This article has been prepared for the general information of our clients. Please note that this publication should not be considered a substitute for personalized advice related to your situation.

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