My name is Mark Goodfield. Welcome to The Blunt Bean Counter ™, a blog that shares my thoughts on income taxes, finance and the psychology of money. I am a Chartered Professional Accountant and a partner with a National Accounting Firm in Toronto. This blog is meant for everyone, but in particular for high net worth individuals and owners of private corporations. The views and opinions expressed in this blog are written solely in my personal capacity and cannot be attributed to the accounting firm with which I am affiliated. My posts are blunt, opinionated and even have a twist of humor/sarcasm. You've been warned. Please note the blog posts are time sensitive and subject to changes in legislation or law.

Tuesday, March 29, 2011

2011 Ontario Non- Budget: Yawn Part Deux

If the 2011 Federal budget was a yawn from an income tax measure perspective, then the Ontario budget could be considered the Federal budget on Sominex.

The Ontario Minister of Finance, Dwight Duncan, today presented the Ontario Budget. For those who wish to read my firm’s (Cunningham LLP) summary, unfortunately, there is not one. My firm decided it was not worth the effort, since there is absolutely nothing in the budget.

As an aside, whether you are a Liberal supporter or not, has there ever been a premier that has left less of an impression over eight or so years than Dalton McGuinty?

I guess Ontario is just running on all cylinders and thus there was no need for any income tax measures to improve the provinces performance. Trying to be even handed, some may say McGuinty is in a catch-22 situation. The Federal Liberals are in the middle of an election and are publicly against any more tax cuts, so how could he, as a Liberal, make any tax cuts in Ontario? On the other hand, he can’t increase tax rates because he is facing an election in October of this year and is seeking a third term.

The blogs posted on The Blunt Bean Counter provide information of a general nature. These posts should not be considered specific advice; as each reader's personal financial situation is unique and fact specific. Please contact a professional advisor prior to implementing or acting upon any of the information contained in one of the blogs.