The Ford government is giving people back a big chunk of a tax windfall rather than slimming down the deficit
EDITOR’S NOTE: This article originally appeared on The Trillium, a Village Media website devoted exclusively to covering provincial politics at Queen’s Park.
“I’m under no illusions that this will relieve all of the affordability pressures facing Ontario families, but it will help,” said Finance Minister Peter Bethlenfalvy in his speech to the legislature. “It’s real support. And — most importantly — it allows the people of Ontario to choose how this money can best help them.”
Next year, the government is forecasting a $1.5-billion deficit, followed by a surplus of $0.9 billion in 2026-27. The government forecasts slow economic growth this year, with real GDP rising by 0.9 per cent — an improvement over the 0.3 per cent the province was forecasting in the spring budget. The finance minister also highlighted the province’s efforts to boost manufacturing jobs in Ontario, asking MPPs to call out to him whether something is “good” or “bad.”
Overall, the government projects to increase spending by 5.6 per cent from 2023-24, more than doubling this year’s projected 2.5 per cent inflation rate. True to the economic statement's “building Ontario” theme, infrastructure funding has jumped from $2.7 billion last year to $4.8 billion. Base funding is up, and the largest line item in the ministry is now high-speed internet. There is still no breakdown of costs for the government’s various highway projects.
It’s separate from Ontario’s $1-billion “reserve,” which serves a similar purpose, per the government: “to protect the fiscal plan against unforeseen adverse changes in Ontario’s revenue and expense.”“They do it with the contingency fund. They transfer the money over. They say, ‘Oh, lookit, we're very strong fiscal managers,” NDP finance critic Catherine Fife said.
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