![]() Why Doug Ford's government spends more than $6B/year subsidizing hydro rates.Doug Ford government wants to speed up mining permits in Ontario.But housing start projections actually fell in this year's budget to a pace that, if continued, would see just over half of those homes actually completed. That target would require roughly 150,000 new homes to be built each year since it was introduced. In recent days, Bethlenfalvy said the budget would largely be a plan to foster business and create jobs in order to meet the government's lofty infrastructure goals, including building 1.5 million more homes by 2031. As well, the province is adding 154 post-graduate medical training spots and 100 seats for medical undergraduates. Ontario also plans to spend $80 million over three years to shore up future health-care staffing by increasing post-secondary nursing program enrolment. The budget puts $200 million toward addressing immediate staffing shortages including a program that sees health-care students work in hospitals to gain experience as well as a supervised practice experience program for internationally educated nurses. Ontario to introduce new 10% income tax credit for manufacturing sector.What businesses want from the Ontario budget.That's nearly $25 billion more than was earmarked in the last budget. Meanwhile, capital plan spending also jumped significantly, with $184.4 billion set aside for major infrastructure projects like building highways, hospitals and schools over the next decade. ![]() Everyone in Ontario deserves to have hope," she said. Everyone in Ontario deserves a strong future. "This budget offers no relief for everyday Ontarians. NDP Leader Marit Stiles said Ontarians are struggling to keep up with the rising cost of groceries, rent and gas and that this budget fails to meet the moment. "We're doing a bunch of things," he told reporters at a news conference before he introduced the budget. The official said the drastic increases over previous outlooks were due to inflation higher taxation revenues, mostly via personal and corporate income tax larger federal transfers and jumps in other non-tax revenues, especially from colleges as more international students return to Canada.īut those windfalls aren't leading to new affordability goodies at a time of high inflation, aside from boosting a program for low-income seniors.īethlenfalvy said the government didn't wait for the budget to introduce measures such as a gas tax cut, low-income tax credit and increase to disability support payments. By 2025-2026, the last year covered by today's budget, total revenue is expected to reach $226 billion. The ministry is forecasting roughly $200 billion in revenue this year, $20.6 billion more than was forecast in last year's budget and some $4.4 billion higher than was estimated in third-quarter finances released just last month. Doug Ford's plan to build 1.5 million homes by 2031 is in trouble, budget suggests.Highlights of the Ontario government's 2023 budget.Substantial revisions to the balance sheet were driven in part by skyrocketing revenue projections, an official with the Ministry of Finance said at a technical briefing for the media. ![]() In this upcoming fiscal year, the province expects a $1.3 billion deficit - a figure roughly 12 times lower than that cited last April. That surplus could increase to $4.4 billion by the following year. ![]() ![]() The 187-page document forecasts that Ontario could run a modest $200 million surplus in 2024-2025, getting back to balance three years earlier than estimated in last year's budget. At the same time, the province is seeing record-high revenues and a historically low unemployment rate. It comes amid nearly unprecedented economic circumstances for Ontario: above-target inflation, high interest rates, a generational labour crunch and a possible recession. to not only face the current turbulence we see in the global economy, but emerge from it stronger than ever." Surging revenues will help Ontario get back to black years earlier than previously projected, the province said in its 2023 budget - a fiscal outlook that includes historically high spending and tax relief for businesses, but little in the way of new affordability measures for individuals.įinance Minister Peter Bethlenfalvy tabled the government's $204.7-billion budget Thursday, saying it is "rooted in strong fundamentals" and features "real action. ![]()
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