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Ontario Budget Proposals

The 2016–17 Ontario fiscal budget was tabled on February 25, 2016. Included is a proposal to eliminate the Ontario tuition and education tax credits, starting September 2017. If this proposal receives royal assent, Ontario students would be able to claim the Tuition Tax Credit for eligible tuition fees paid for studies up to and including September 4, 2017, and would be able to claim the Education Tax Credit for months of study before September 2017. The eligible portion of 2017 tax credits not claimed by the student would be transferable to a qualifying family member (a parent, grandparent, spouse or common law partner) up to an annual maximum.

Tax filers who are resident in Ontario on December 31, 2017, and have unused tuition and education tax credits available for carry-forward, would be able to claim them in future years. Tax filers who move to Ontario from other provinces after December 31, 2017, would no longer be able to claim their accumulated tuition and education tax credits in Ontario.

In addition, the government proposed the Ontario Student Grant (OSG), starting in the 2017–18 school year. The grant will make average college or university tuition free for students with financial need from families with incomes of $50,000 or less.

MD is currently reviewing these proposals and will communicate the potential impact to clients as more information becomes available and once the budget receives royal assent.

About MD Financial Management

Owned by the Canadian Medical Association, MD Financial Management’s only business imperative is to enhance physicians’ financial outcomes by focusing on their distinctive needs and operating in their best interests.

MD has more than $40 billion in assets under administration and is dedicated to serving Canada’s physicians and their families. MD provides financial products and services, the MD Family of Funds and investment counselling services through the MD Group of Companies. For a detailed list of these companies, visit

Media Contacts

Maria Grant
Lead, External Communications
MD Financial Management
613 809-0657

Deborah Thompson
DT Communications
416 918-9551