Ontario Budget 2023
The Ontario Budget 2023, Budget 2023—Building a Strong Ontario. was released on March 23, 2023 by the Minister of Finance Peter Bethlenfalvy.
The government proposes:
- To continue to maintain the $60 million funding for the Ontario Arts Council and maintained the Ontario Trillium Foundation for non-profits. The budget did not provide incentives for small, local film, television, visual, or digital art businesses and organizations to produce in Ontario nor increases to Ontario Arts Council (OAC) funding.
- The government will change the taxation of capital in order to provide Ontario’s small businesses with additional Ontario income tax relief of $265 million from 2022–23 to 2025–26. An eligible corporation could receive over $36,000 in Ontario income tax relief each year. The examples in the chart below show the annual Ontario income tax savings to a corporation at $12 million, $15 million and $30 million of taxable capital.
- For entrepreneurs, the government has added an additional $2 million in 2023–24 to Futurpreneur Canada to help businesses led by people aged 18 to 39 with mentorship programs and loan capital worth up to $20,000. The investment is supposed to help address some of the unique economic barriers facing youth, women, racialized and Indigenous entrepreneurs. And $15 million over three years for the Racialized and Indigenous Supports for Entrepreneurs (RAISE) Grant Program that includes support for Indigenous, Black and other racialized people to help address systemic racism.