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2022 Ontario Budget Highlights

Ontario 2022 Budget Highlights

On April 29, 2022, Ontario’s Minister of Finance delivered the province’s 2022 budget, based on five different pillars. 

No Changes To Corporate or Personal Tax Rates

Budget 2022 did not introduce changes to Ontario’s corporate or personal tax rates.

Rebuilding The Economy

Budget 2022 wants to help rebuild the economy as follows:

  • Almost $1 billion is committed to critical legacy infrastructure, such as all-seasons roads.

  • Creating good manufacturing jobs. In the past 18 months, 12 billion dollars have been invested in supporting new electric vehicle production and battery manufacturing.

  • Enable Ontario employers to realize an estimated $8.9 billion in cost savings by cutting taxes and lowering electricity costs.

Better Jobs and Bigger Paycheques

Another focus is on more significant paycheques and better job opportunities. To support this:

  • The general minimum wage will rise to $15.50 per hour starting October 1, 2022.

  • $1 billion will be committed annually to employment and training programs for learning new skills or upgrading existing ones. 

  • Over three years, $114.4 million has been committed to the Skilled Trades Strategy, including expanding in-class training.

  • Ontario is expanding college degree granting. Colleges can start offering new degree programs in various sectors, including the automotive industry and health care.

Building Highways and Key Infrastructure

Budget 2022 commits to: 

  • Investing $158.8 billion in crucial infrastructure over ten years, with $20 billion spent in 2022–23.

  • $25.1 billion being spent over ten years to support major highways such as the Bradford Bypass, Highway 413, Highway 401 and Highway 7.

  • $61.6 billion over ten years to support public transit. This includes expanding GO train services to London and Bowmanville and expanding passenger rail service to Northern Ontario.

Keeping Costs Down

Another focus of Budget 2022 is to help people save money:

  • Tolls will be removed on Highways 412 and 418.

  • Starting July 1, the gas tax will be cut by 5.7 cents per litre for six months.

  • License plate renewal fees will be eliminated and refunded, leading to a $120/year savings in Southern Ontario and $60/year savings in Northern Ontario.

  • $300 in additional tax relief will be available on average for 1.1 million lower-income workers via the proposed Low-income Individuals and Families Tax Credit enhancement.

  • Supporting the creation of all types of housing.

  • Working towards an average of $10-a-day child care by September 2025.

Investing in Health Care

Budget 2022 also understands the importance of continuing to invest in health care. Money is committed as follows:

  • Over $40 billion for hospitals and other health infrastructure over ten years.

  • $764 million over two years to provide nurses with a retention incentive of up to $5,000.

  • $42.5 million over two years to expand medical education and training.

  • $1 billion for in-home care over three years.

We can help!

Wondering how tax changes in this year’s budget may impact personal finances or business affairs? Reach out to us – we’re here to answer any questions you may have!

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2022 Financial Calendar

2022 Financial Calendar

Welcome to our 2022 financial calendar! This “at a glance” document lists important dates, including when government benefits are distributed and tax filing deadlines.

Be sure to bookmark this or add the dates listed to your personal calendar so you’re always in the loop!

Use our calendar to make sure you keep on track with your financial goals and avoid missing any critical tax or investment deadlines.

If you’re looking for help with your taxes, tax packages will be available in February 2022, so reach out to your accountant or us to book an appointment and get started on your taxes!

Important Dates

Dates to know:

  • January 1 is when the contribution room for your TFSA opens again. The maximum contribution for 2022 is $6,000.

  • The government will issue GST/HST credit payments on January 5, April 5, July 5, and October 5.

  • Canada Child Benefit payments (CCB) will be issued on the following dates: January 20, February 18, March 18, April 20, May 20, June 20, July 20, August 19, September 20, October 20, November 18, and December 13.

  • The government will issue CPP and OAS payments on the following dates: January 27, February 24, March 29, April 27, May 27, June 28, July 27, August 29, September 27, October 27, November 28, and December 21.

  • The final date for your RRSP contributions to be eligible for the 2021 tax year is March 1, 2022.

  • Bank of Canada’s interest rate announcements will be on January 26, March 2, April 13, June 1, July 13, September 7, October 26, and December 7.

  • May 2, 2022, is the last day to file personal income taxes, and tax payments are also due by this date. This is also the filing deadline for final returns if death occurred between January 1 and October 31, 2021.

  • May 3 to June 30 – The filing deadline for final tax returns if death occurred between November 1 and December 31. The due date for the final return is six months after the date of death.

  • The tax deadline for all self-employment returns is June 15, 2022. Any balance owing, however, is due May 2, 2022.

  • The deadline for final RESP, RDSP, and TFSA contributions is December 31.

  • December 31 is also the deadline for 2022 charitable contributions.

  • December 31 is also the deadline for individuals who turned 71 in 2022 to finish contributing to their RRSPs and convert them into RRIFs.