focuses first on giving children and their families the support they need to achieve their full potential and to get ahead, because “an educated, healthy and employable workforce is critical to the economic future of this province”
has the target of reducing the number of children living in poverty by 25 per cent over 5 years
As a support of the “Ontario’s Poverty Reduction Strategy”, the Ontario Trillium Benefit (OTB) came into effect in July 2012.
The Ontario Trillium Benefit (OTB) combined, into one monthly payment, the following tax credits:
The recently updated 2012 Budget outlined the government’s plan to eliminate the deficit, and balance the budget by 2017-18 as follows:
Additional revenue from:
A temporary new Deficit-Fighting High-Income Tax Bracket for individuals earning more than $500,000 annually:
income tax rate on taxable incomes over $500,000 will increase by two percentage points (i.e. two per cent point surtax), from 11.16 per cent to 13.16 per cent
this change would generate additional revenue of:
$280 million in 2012-13
$470 million in 2013-14
and $495 million in 2014-15.
All of the additional revenue raised by this proposed measure would be used to reduce the Provincial deficit and accelerate Ontario’s plan to eliminate the deficit by 2017-18.
The new tax bracket would be eliminated once the budget is balanced by 2017-18.
and by not increasing overall spending
the Province’s deficits are now projected to be lower than the 2012 Budget each year between 2011-12 and 2016-17.
McGuinty Government aims to accelerate Ontario’s fiscal plan to balance the 2012 Budget in order to eliminate the deficit even faster by 2017-18 via the proposed measures above as well as redirect proposed new savings (from other measures) to support important social priorities with no net new provincial spending, which include:
Tomorrow, May 12, 2011, at approximately 12:00 p.m., you can join the Rotarians at the Rotary Club of Orillia to hear Ontario Finance Minister Dwight Duncan’s speech on Ontario’s plan to eliminate the deficit while also encouraging job creation and protecting key public services such as health care and education.
Minister Duncan will be available to the media immediately following his remarks.
Please see the following media advisory for more info.
Pratt & Whitney Canada is creating 80 new jobs in Mississauga and investing in new technology, equipment and research and development. The company is a world leader in the design, manufacture and service of gas turbine engines for the aerospace industry.
Best Theratronics is creating 100 new jobs in Ottawa and improving existing product lines and developing new technologies. The company develops and manufactures medical equipment used to treat cancer and make blood supplies safer.
Sungrow Canada is creating 50 new jobs and establishing Vaughan as its North American headquarters. The company manufactures equipment for the clean solar power industry.
Kellogg Canada is creating 40 new jobs as it plans to add a new cereal production line in Belleville. This investment will make the plant among the most sophisticated in the company’s worldwide operations.
Eagle Feather Air Inc. is creating up to five new jobs. As a new helicopter service, the company will provide more flights in the Sault Ste. Marie region and surrounding rural First Nation communities.
This Ontario Budget has the bull’s-eye on eliminating the deficit while protecting education and health care.
The deficit for 2010–11 is projected to be $16.7 billion which is $3 billion lower than forecast a year ago because, for the most part, the projected program expense for 2010-2011 is $2.6 billion lower than the forecast published in the 2010 Budget.
The new measures of the 2011 Ontario Budget directly affecting the public include:
New business partnerships will create and retain nearly 10,000 jobs in Ontario
Farmers (of cattle, hog, sheep and veal) will get a new Risk Management Program, and the edible horticulture sector gets a Self-Directed Risk Management Program
By 2015-16 there will be more than 60,000 new student spaces in Ontario’s colleges and universities
Full-day kindergarten will be available in an additional 200 schools this September; and in every school in September 2014
About 90,000 additional breast cancer screening exams to help reach more women who are at high risk
A comprehensive Mental Health and Addictions Strategy, starting with children and youth
Expanding pharmacy services and support for people covered under the Ontario Drug Benefit Program — helping seniors and others with things like prescription follow-up consultations
Also, the budgetary measures for responsible government management that will help realize savings of nearly $1.5 billion over the next three fiscal years include:
Determining whether the current ServiceOntario delivery model provides the best value and service to people
Instructing major agencies to deliver efficiencies of $200 million by 2013–14
Reducing funding permanently for executive offices of specific transfer payment recipients by 10 per cent over two years. This policy will also be put in place for major government agencies
Reducing the size of the Ontario Public Service (OPS) by an additional 1,500 positions between April 2012 and March 2014. This is in addition to the reduction of about 3,400 full-time OPS employees announced in the 2009 Budget
Making the jail system more modern and efficient. Efficiencies will be gained by closing underutilized prisons in Owen Sound, Walkerton and Sarnia, and partially closing Toronto West Detention Centre. Inmates will be transferred to new, larger, more efficient facilities
Cancelling construction of the Toronto West Courthouse, resulting in appropriation savings of $181 million over the next three years
Establishing the Commission on the Reform of Ontario’s Public Services, chaired by respected economist Don Drummond, which will provide advice on reforms that would help accelerate the government’s plan to eliminate the deficit while protecting education and health care.
Will this 2011 Ontario Budget be effective in eliminating the deficit as well as strengthening the economy, promoting job creation and protecting key public services?
We would love to receive your comments below this blog.