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April 1, 2008|
The Ontario government did not make any changes to corporate tax rates in its latest budget, delivered March 25 by finance minister Dwight Duncan. The general rate for corporate income tax in the province will remain at 14 per cent and the manufacturing rate will stay at 12 per cent. The Canadian Manufacturers & Exporters group had lobbied the McGuinty government to lower the manufacturing rate to eight per cent. The move flies in the face of criticism from federal finance minister Jim Flaherty that Ontario's corporate tax rates make the province unattractive to investors and risk turning Ontario into a "have-not" province. Flaherty went so far as to hold a press conference on the eve of the budget speech to state once again that Duncan should lower corporate tax rates in the budget.
The financial plan did include a retroactive cut to the Capital Tax for manufacturers and resource firms going back to January 1, 2007, worth $190 million in rebates. The budget also included a plan to enhance capital cost allowances to encourage manufacturers and forestry companies to invest in new equipment.
www.ontariobudget.ca
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