Ontario Premier Doug Ford’s first budget calls for four more years of deficits GlobeBusiness
And given the age of the current economic expansion, the odds are that some form of downturn will materialize over the next five years, BMO chief economist Doug Porter said.The budget documents point to recent indicators suggesting Ontario’s long-underperforming economy has turned a corner. Last year, real GDP rose by 2.2 per cent.
A stable economic backdrop is expected to boost revenues by 3 per cent per year, led primarily by personal income taxes amid growth in employee compensation. “It’s a thoughtful and measured approach,” Finance Minister Vic Fedeli said in a news conference on Thursday. “It sends a message to the world that we are serious about fiscal sustainability, about protecting front-line services.”
In place of tax cuts, the budget committed to accelerated depreciation for capital investments, which will provide $3.8-billion in corporate tax relief over the next six years. “We’ve done something … a lot better [than tax cuts],” Mr. Fedeli said. “It brings relief immediately.”Corporate tax revenue, however, is forecasted to grow at an average annual rate of 2.4 per cent over the next three years, as corporate earnings rise alongside the broader economy.
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