Monday, August 3rd23.4°C
27162
26096

Highlights of the 2014-2015 Ontario budget

TORONTO - Ontario's minority Liberal government unveiled the 2014-2015 budget on Thursday.

Here are some of the highlights:

— The deficit is expected to rise to $12.5 billion next year from $11.3 billion in 2013-14, before falling to $8.9 billion in 2015-16. The Liberals say they still plan to balance the books by 2017-18.

— Revenues are down almost $1.2 billion from the budget projections for 2013-14 to an estimated $115.6 billion.

— Program spending will grow next year by almost $3 billion.

— Net debt ballooned to $269.2 billion for the year ending March 31 from $252.1 billion the previous year, leaving a debt-to-GDP ratio of 38.9 per cent, which is expected to grow to 40.3 per cent next year.

— A new Ontario Retirement Pension Plan for people without a workplace pension will require contributions from employers and workers of 1.9 per cent of salary. Someone earning $70.000 a year would pay $1,263 into the pension plan and their employer would match that amount. The new plan would be introduced in 2017.

— There will be a new tax rate of 12.16 per cent on income between $150,000 and $220,000. The 13.16 per cent tax rate for incomes above $514,000 will now apply to incomes above $220,000.

— $29 billion over 10 years for public transit, roads, bridges and infrastructure.

— $11.4 billion over 10 years for hospital expansion and redevelopment projects.

— $11 billion over 10 years to repair, upgrade and build new elementary and high schools.

— $2.5 billion over 10 years for a new jobs fund which would give grants to corporations.

— $1 billion to help build a road to the remote Ring of Fire mineral deposit in northern Ontario, but the money is contingent on getting matching funds from the federal government.

— $810 million over three years for community supports for adults with developmental disabilities.

— $294 million for a program that helps prevent homelessness.

— $32 million to expand school breakfast and lunch programs.

— Increasing social assistance rates by one per cent for people on disability supports and welfare.

— Replace the Northern Allowance for people on social assistance with a Remote Communities Allowance adding $50 a month for the first person and $25 a month for each additional family member.

— Hiking the provincial tax on aviation fuel by four cents a litre over four years.

— Increasing the tobacco tax from 12.35 cents a cigarette to 13.975 cents or $3.25 on a carton of 200, but the tax rate on cigars remains unchanged at 56.6 per cent.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14468.44+85.68
S&P CDNX594.31+6.01
DJIA17598.20-91.66
Nasdaq5115.38-12.90
S&P 5002098.04-5.80
CDN Dollar0.7602+0.0002
Gold1096.90+0.60
Oil45.88+0.32
Lumber259.40+7.30
Natural Gas2.883+0.062

 
Okanagan Companies
Pacific Safety0.17-0.01
Knighthawk0.010.00
QHR Technologies Inc1.42+0.00
Cantex0.035-0.005
Anavex Life Sciences1.13+0.22
Metalex Ventures0.05+0.00
Russel Metals19.40-0.05
Copper Mountain Mining0.79+0.01
Colorado Resources0.065+0.005
ReliaBrand Inc0.0049+0.0004
Sunrise Resources Ltd0.03+0.00
Mission Ready Services0.095-0.045
Decisive Dividend Corp2.55+0.05

 





FEATURED Property
22820831870 Treetop Road
10098315 bedrooms
$779,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Mortgage policy changes?

There are rumours circulating again that the federal government may move to tighten mortgage insurance criteria. This is prompted by a recent article in the Financial Post. The housing market while b...


Chasing ducks

Photo: Thinkstock.comWhen businessmen tell me that being low priced is the only way to stay in business, I am skeptical. Price is the simplest way for a consumer to compare and is overused as the basi...


Taking care of business

Photo: Thinkstock.comRetirement as a goal has changed a lot over the years. There was a time, it was the only goal. You’d punch the clock and count the years until you could stop punching that t...

_



26370

26370


Member of BC Press Council


26010