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On 4 November 2021, Ontario’s Minister of Finance, Peter Bethlenfalvy, presented the province’s Economic Outlook and Fiscal Review (economic statement). The economic statement does not change corporate or personal income tax rates, but does:

introduce beneficial ownership information requirements for certain privately-held corporations, effective January 1, 2023 

provide a 2022 refundable “staycation” tax credit for Ontario residents vacationing in the province

extend the Ontario Jobs Training Tax Credit and Seniors’ Home Safety Tax Credit to 2022

This Tax Insights below discusses these and other tax initiatives outlined in the economic statement.