A preview of what’s expected to be in the 2014 Ontario budget
TORONTO – Ontario’s minority Liberal government will table its 2014 budget on Thursday. A series of official pre-budget announcements and some unofficial leaks have provided a good snapshot of what may be in Finance Minister Charles Sousa’s fiscal plan.
From government announcements:
- A new Ontario Retirement Pension Plan, which will require contributions from employers and workers.
- $29 billion over 10 years for transit and transportation infrastructure, including $15 billion for massive public transit expansion in Toronto-Hamilton area.
- Part of the money for transit to be raised by re-directing gas tax revenues and issuing green bonds.
- $2.5 billion over 10 years in corporate grants to secure new investments and jobs.
- $269 million over three years to raise wages of licensed child-care workers.
- $280 million over three years to increase pay for personal support workers in the home-care sector.
- $1 million to give grants to seniors to help them stay in their homes longer.
- $50 million a year to help would-be parents pay for in vitro fertilization treatments.
- From documents obtained by The Canadian Press from a source outside the government:
- Increased taxes on high income earners and tobacco.
- Removal of some corporate tax credits to help pay for the transit plan.
- A four-cent-a-litre hike in the tax on aviation fuel, phased in over four years, to help fund transit and infrastructure projects.
© 2014 The Canadian Press