Ontario's Progressive Conservative government tabled a budget Thursday that effectively doubles as its platform for the spring election.
The budget says the province will also look into simplifying a credit for computer animation and special effects, and review credits related to increasing filming in Ontario communities. The budget says film and television productions that are distributed exclusively online will be eligible for a credit, and the province will scrap a rule that limited credits to books with more than 500 hard copy editions published. The province says it will spend nearly $493 million this year to get shovels in the ground for previously announced projects in northern Ontario _ including the twinning of Highway 17 between Kenora and the Manitoba border and a broadening of Highway 69 between Parry Sound and Sudbury. A series of tax credits conceived in the late 1990s to support cultural media are poised to be revamped to account for current practices and the rise of online production and distribution. The program would kick in this tax year and be available to those who turned 70 or older in the tax year, or have a spouse that age, and are Ontario residents at the end of the tax year. The budget says the new Ontario Seniors Care at Home credit will refund up to 25 per cent of eligible expenses up to $6,000, for a maximum credit of $1,500.
The budget focuses on driving economic recovery from the COVID-19 pandemic by investing in the construction of highways, transit infrastructure and ...
As previously announced, the government’s budget included $14-billion in capital grants for schools over the next 10 years, which includes $1.4-billion in 2022-23 to address the repairs backlog. The government reiterated in the budget its plans to build or expand highways – at a cost of $25.1-billion over 10 years – arguing that doing so would make driving faster, and save time for motorists. The budget highlights a new-found emphasis by Mr. Ford’s government on building or attracting industry related to clean-energy transition. The government also said it would allocate $5-million to the Better Jobs Ontario training program. The Ontario government says it will launch a pilot project with school boards to expedite construction of schools. The government is proposing to introduce and expand tax credits, but the budget doesn’t act on Premier Doug Ford’s 2018 election campaign promise to cut income taxes by 20 per cent. These spending measures are intended to address problems the pandemic has exposed by increasing hospital capacity with 3,000 additional beds across the province. Also being proposed is a new tax credit to help seniors 70 and older pay for medical expenses. Instead, the Low-income Individuals and Families Tax (LIFT) credit is being expanded to support residents making an annual income up to $50,000. The government’s deficit is projected to spike to $19.9-billion in 2022-23, up $6.4-billion from the most recent fiscal year, but a $1-billion reserve fund could bring those numbers down. In case people miss the point, the cover of the 268-page document shows a 16-lane highway with traffic flowing freely. Here are the highlights.
The Ontario government laid out its post-pandemic vision for healthcare Thursday in a budget document that was heavy on previously announced investments in…
There was no mention of public health funding in the budget document. That support included funding for children and youth with special needs at CHEO and other hospitals. The government says it will invest $142 million starting in 2022-23 on the program. Ontario has a nursing shortage estimated to be as high as 30,000 positions, along with critical shortages of other healthcare workers. The election is expected on June 2. To meet the challenges that may lie ahead, the government is making significant investments.”
Ontario's deficit will rise this year to $19.9 billion, with the Ford government enacting new measures for seniors, low-income workers and auto commuters in ...
1 hr ago 1 hr ago 1 hr ago After a nearly four-month investigation, heavy fines are being slapped on some of the infamous Sunwing 'party flight' passengers in late December, including for not being vaccinated. 1 hr ago 1 hr ago 1 hr ago “Let’s talk about who Doug Ford has been catering to for the past four years. Education is $1.3 billion under budget in 2021-22, largely due to lower than expected enrolment. Seniors earning $65,000 a year or more are not eligible. “I am absolutely concerned about a bait and switch. That budget would equate to $177 billion adjusted for inflation, according to the Bank of Canada.
If the PCs are re-elected on June 2, they'll be able to bring this budget back to the legislature and pass it then. A senior government official told CBC News ...
The Canadian Press is reporting the budget includes a plan to spend $158 billion on infrastructure over the next decade, including $21.5 earmarked for highway planning. The credit was first introduced in 2019 and currently applies to roughly 400,000 Ontarians earning up to $38,500 annually. "We can fix what matters most to people." The price tag? The NDP's platform includes big promises like universal pharmacare and covering mental health supports under the province's OHIP plan. Ford's government won't pass this financial plan for the province.
TORONTO — Today, Minister of Finance Peter Bethlenfalvy released the 2022 Budget. Ontario's Plan to Build has five pillars:
The province's Progressive Conservative government, headed by Premier Doug Ford, delayed its budget until just days before it head into its re-election ...
(The government says the lower outlay was the result of declining enrolment and other factors.) He also pointed to a drop in education spending of $1.3-billion last year. But the budget does include an expansion of the government’s low-income tax credit, which is currently aimed at those who make less than $38,500. Over the next 10 years, the budget says, the province will spend $40-billion on new hospitals or hospital expansions, $10-billion more than plans laid out in 2021. Under those rules, which then-finance minister Vic Fedeli called an “ironclad guarantee,” Mr. Ford and Mr. Bethlenfalvy would have had to pay 10 per cent of their paycheques for that year in penalties for being late. “The people of Ontario will vote on this budget,” Mr. Bethlenfalvy said. But the province’s independent Financial Accountability Office said earlier this year that quickly increasing revenues meant the books could be balanced by 2023-24. The Progressive Conservative government, headed by Premier Doug Ford, delayed its budget until just days before heading into its re-election campaign, with voting set for June 2. The budget has no new transit plans, as the government has previously announced big-ticket projects in the Toronto area, including subway extensions in York Region and Scarborough, and a new Ontario Line through central Toronto. However, the government says it is committed to “advancing planning work” that would connect the Sheppard Subway with the future Scarborough subway extension. Delaying the budget, while not unprecedented, required the government to pass legislation earlier this year to exempt itself from its own 2019 law mandating that budgets be presented by March 31, the end of the fiscal year. In his budget speech, Mr. Bethlenfalvy made a point of alluding to Liberal Leader Steven Del Duca, who shelved the 413 when he was transport minister, saying he was still “pandering to those who want to shut down any and all building in the province.” He also accused the opposition of “constantly advocating for closing Ontario” with health restrictions, saying they call for “more mandates, more division and fear.” Mr. Bethlenfalvy told reporters the budget needed to be delayed in light of the economic uncertainty caused by Russia’s invasion of Ukraine and the pandemic.
Ontario's Progressive Conservative government tabled a budget Thursday that effectively doubles as its platform for the spring election. The budget lays out ...
The budget says the province will also look into simplifying a credit for computer animation and special effects, and review credits related to increasing filming in Ontario communities. The budget says film and television productions that are distributed exclusively online will be eligible for a credit, and the province will scrap a rule that limited credits to books with more than 500 hard copy editions published. A series of tax credits conceived in the late 1990s to support cultural media are poised to be revamped to account for current practices and the rise of online production and distribution. The province says it will spend nearly $493 million this year to get shovels in the ground for previously announced projects in northern Ontario — including the twinning of Highway 17 between Kenora and the Manitoba border and a broadening of Highway 69 between Parry Sound and Sudbury. The program would kick in this tax year and be available to those who turned 70 or older in the tax year, or have a spouse that age, and are Ontario residents at the end of the tax year. The budget says the new Ontario Seniors Care at Home credit will refund up to 25 per cent of eligible expenses up to $6,000, for a maximum credit of $1,500.
TORONTO – The Ontario Federation of Labour (OFL) is calling the 2022 Ontario Budget “too little, too late for working Ontarians”.
These demands are part of the workers-first agenda that people across the province are rallying for in a province-wide day of action this Sunday, May 1. “Tax breaks and license plate rebates are not the solution to making life more affordable. “Ford’s Conservatives have had four years to do right by workers in Ontario, and they have failed.
With the election weeks away, the Ontario government has released it's 2022 financial plan highlighting 04:52. Ontario's 2022 budget announced ahead of election.
A special safety meeting held at Vancouver City Hall Thursday night gave people a chance to speak directly to the mayor about their concerns. 1 hr ago 1 hr ago 1 hr ago 1 hr ago 1 hr ago 1 hr ago Critics said focusing on 'high profit margin' private production will just increase inequality. 1 hr ago 1 hr ago 1 hr ago Critics said focusing on 'high profit margin' private production will just increase inequality.
The government plans to boost expenditures by $11.5 billion this year, or nearly double the $6.2-billion forecasted rise in revenues. - RBC Economics.
All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. A slower growth scenario (with real GDP growth of 3.0% in 2022) would raise this year’s deficit to $23.2 billion, while a high growth scenario (real GDP grows at 5.2%) would result in a $15 billion deficit with tax revenues $4.8 billion higher. This year, Ontario’s long-term borrowing requirement is projected to be slightly higher at $41.5 billion with short-term borrowing decreasing by $3 billion. This profile is vastly improved from the projection in Budget 2021 that had the ratio crossing the 50% mark. Ontario’s net debt is projected to grow 8.5% to $429 billion in FY 2022-23. The province’s deficit is expected to grow to $19.9 billion by FY 2022-23 from $13.5 billion in FY 2021-22, largely due to a myriad of new spending measures. Interestingly, Ontario’s earlier announced temporary cut in gasoline and fuel taxes isn’t expected to have much of an impact on revenues (down only $78 million) because higher gasoline and fuel prices will provide a significant offset. Health and education account for the lion’s share of base program expenditures (60%), together rising $8 billion from FY 2021-22. Ontario’s revenues are expected to grow by $6.2 billion (+3.6%) in FY 2022-23 to $180 billion. Of course, in a faster growth scenario, the books could be balanced as soon as FY 2024-25. It also risks being a lost opportunity to repair the province’s finances more quickly while the economic environment is favourable. On April 28th, Ontario Minister of Finance, Peter Bethlenfalvy, delivered his last provincial budget before Ontarians go to the polls on June 2nd.