Ontario 2024 Budget: Property Tax Rebates, EV Incentives, and Benefit Changes

Key takeaways

• Ontario's 2024 budget retained the Staycation Tax Credit for another year
• Property assessment freeze extended — 2016 assessment values continue to apply for 2023–2024 tax years
• The Seniors' Home Safety Tax Credit extended at 25% of up to $10,000 in qualifying expenses
• New EV incentive: Ontario matched the federal iZEV rebate with a provincial rebate of up to $7,500 on qualifying new EVs
• Ontario's Employment Standards Act changes affect overtime and paid time off rules for certain employees

Ontario's 2024 budget balanced affordability measures with longer-term economic planning, extending several existing credits and adding new housing and EV incentives. For individuals, the property tax freeze and EV rebates were the most immediately impactful changes.

Property tax freeze

Ontario's Municipal Property Assessment Corporation (MPAC) assessment cycle was frozen: 2016 assessed values continue to apply for 2023 and 2024 property tax years, and will be updated based on a planned 2024 reassessment taking effect for 2025. This freeze prevented automatic property tax increases that would have resulted from significant value appreciation in many Ontario markets since 2016.

EV incentive

Ontario introduced a provincial point-of-sale rebate of up to $7,500 on qualifying new battery-electric and plug-in hybrid vehicles. Combined with the federal iZEV incentive, Ontario buyers could receive up to $13,000 in rebates on qualifying vehicles. The Ontario rebate applies to vehicles with a base retail price under $55,000 (higher for larger vehicles). The provincial rebate is not taxable income and does not affect the vehicle's cost for CCA purposes.

Senior care credits

The Seniors' Home Safety Tax Credit provides a 25% non-refundable credit on qualifying renovations to improve safety and accessibility in a senior's home — grab bars, walk-in showers, ramps, stair lifts. The maximum claim is $10,000 of expenses per year, for a credit of up to $2,500. The credit was originally introduced as a temporary COVID measure but has been extended to 2024 and beyond.