Plan for Care and Opportunity Act (Budget Measures), 2018, S.O. 2018, c. 8 - Bill 31, received Royal Assent on May 8, 2018, just before the Ontario Election.
I erroneously reported that the Legislation eliminated the surtaxes and made adjustments to the personal income tax brackets and rates.
Unfortunately, I based my report upon an article that I had recently read. I looked up the legislation and discovered that while Bill 31 did many things to extend the Liberal's legacy, it did not make the changes to the tax brackets proposed in the Budget. Mea culpa!
Bill 31 did amend the calculation of the small beer manufacturers’ tax credit. Doug Ford has promised us $1 beer.
So, I am waiting for Doug Ford to finish reducing the size of Toronto's City Council and then maybe he can fix the tax brackets. We do not need surtaxes because they disguise the true tax rates. We do not need 7 tax brackets as proposed in the Liberal's Last Budget.
The tax brackets and rates proposed in the Liberal's Last Budget were:
First tax bracket $0 5.05%
Second tax bracket $42,960 9.15%
Third tax bracket $71,500 11.00%
Fourth tax bracket $82,000 13.50%
Fifth tax bracket $92,000 17.50%
Sixth tax bracket $150,000 19.00%
Seventh tax bracket $220,000 20.53%
Too many brackets with rates too high.