2008 Ontario Budget Impact Paper

The 2008 Ontario budget that was presented by the Honourable Dwight Duncan, Minister of Finance for the province of Ontario, on March 25, 2008, was reviewed and contained no new income tax measures affecting federal public service pay or pension payments.


ITEMS OF INTEREST

Ontario's tax legislation and regulations will be amended to incorporate some of the measures announced in the February 26, 2008 Federal budget including the implementation of a new savings vehicle, a tax-free savings account (TFSA) effective for the 2009 taxation year and an increase in the maximum Northern Residents Deduction effective for the 2008 taxation year.

To review the Ontario budget documents, please visit this site:

http://www.fin.gov.on.ca/english/budget/ontariobudgets/2008/index.html