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The province is calling its version of the policy the Ontario Competitiveness Tax Cut and expects it to reduce revenue by $8 billion over five years—but to add $6 billion to the province’s gross domestic product as a result of higher capital investment. (The Logic)
Talking point: The two levels of government plan to let businesses write off immediately the value of many investments in physical goods like machinery and equipment, plus intangible things such as software and patents, instead of spreading the expenses over several tax years. Prime Minister Mark Carney announced the federal end at the international investment summit he hosted in Toronto in September. Both changes will require tax-law amendments; Ontario’s Finance Minister Peter Bethlenfalvy is to present a fall economic statement on Thursday, which will presumably come with the necessary provincial legislation.
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