Tuesday, July 28th25.0°C
26925
25998

Winners and losers from the Ontario budget unveiled Thursday

TORONTO - Ontario Finance Minister Charles Sousa unveiled the Liberals' 2014 budget Thursday. Here is a list of winners and losers:

Winners:

Business companies — A new 10-year, $2.5-billion fund will offer grants to business companies investing in Ontario and creating jobs.

Construction companies & Commuters — $29 billion over 10 years would be spent for public transit, roads, bridges and infrastructure — $15 billion for the Greater Toronto and Hamilton Area and about $14 billion for the rest of the province.

Patients — $11.4 billion over 10 years would go towards hospital expansion and redevelopment projects.An additional $700 million would be spent over the next 10 years to help hospitals pay for repairs.

Students — $11 billion over 10 years would be used to build new elementary and secondary schools in densely populated areas such as Brampton, Milton and Ancaster. The Liberals would also spend $32 million to expand school breakfast and lunch programs.

Low-income workers — Minimum wage would increase to $11 an hour and the Liberals would introduce legislation to index it to inflation. The government would also raise the income eligibility threshold for legal aid services to allow an additional one million low-income Ontarians to be able to find a lawyer. Also, it would increase the maximum annual Ontario Child Benefit per child to $1,310.

Losers:

Higher-income earners — People with annual taxable income between $150,000 and $220,000 would pay $450 more in provincial income tax as the rate would go up one percentage point to 12.16 per cent. Those earning above $220,000 would pay $5,500 more.

Airlines — The tax on aviation fuel would go up by four cents per litre over four years, with subsequent one cent per litre increases in each of the next three years.

Smokers — The tobacco tax rate would go up to 13.97 per cent from the current rate of 12.35 per cent, or $3.25 on a carton of 200, but the tax rate on cigars would remain unchanged at 56.6 per cent.

Public sector workers — The government would introduce austerity measures to clamp down on public service retiree benefits and pensions saving hundreds of millions of dollars while bringing them in line with those in the private sector.

Smaller businesses — Companies that don't offer workplace pension plans to their employees will eventually have to contribute towards the new Ontario Retirement Pension Plan.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14077.36+75.99
S&P CDNX586.97+5.25
DJIA17630.27+189.68
Nasdaq5089.21+49.43
S&P 5002093.25+25.61
CDN Dollar0.7734+0.0066
Gold1097.10+0.60
Oil48.21+0.36
Lumber256.90-0.80
Natural Gas2.836+0.047

 
Okanagan Companies
Pacific Safety0.175-0.005
Knighthawk0.010.00
QHR Technologies Inc1.37+0.01
Cantex0.05+0.00
Anavex Life Sciences0.78-0.13
Metalex Ventures0.06-0.01
Russel Metals18.35-1.10
Copper Mountain Mining0.82+0.02
Colorado Resources0.06+0.00
ReliaBrand Inc0.0045-0.0022
Sunrise Resources Ltd0.03+0.00
Mission Ready Services0.15+0.00
Decisive Dividend Corp2.60-0.10

 





FEATURED Property
235034010586 Pinecrest Road
10102638 bedrooms
$67,500
more details
image2image2image2
Click here to feature your property
Please wait... loading


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...


Income from home equity

Photo: Thinkstock.comWhen retirement funds run low, seniors often ask if tapping into the equity in their home is the right way to retain financial independence. To see if this option might be a good ...

_



26509

26509


Member of BC Press Council


24843