FIVE THINGS TO KNOW ABOUT THE ONTARIO BUDGET DELIVERED THURSDAY

TORONTO — Ontario’s Liberal government delivered its first balanced budget in a decade on Thursday. Here are five things you need to know about the financial plan:

1. POLITICAL CONTEXT: The $141-billion budget — which includes measures aimed at youth, seniors, parents, homeowners and anyone who uses the health-care system — comes as the provincial Liberals prepare for next year’s election campaign. 2. PHARMACARE FOR YOUTH: A new program will offer free prescription drug coverage to anyone under 25, regardless of family income. The OHIP+ program, which is a key plank of the province’s fiscal plan, will include the more than 4,400 prescription medications currently covered by the Ontario Drug Benefit program and requires no co-payment or deductible. It takes effect in January of next year .

3. SENIORS: A new tax credit will make getting around on public transit a little more affordable for those 65 and over. It will allow seniors to claim 15 per cent of eligible transit expenses, up to $130 a year, which is expected to cost the province $10 million annually. . 4. TOBACCO AND HOTEL TAXES: The Liberal government is increasing tobacco taxes and giving municipalities the authority to introduce a hotel tax. The tax on a carton of cigarettes will go up $10 over the next three years, with the first $2 increase to kick in Friday.

5. NET DEBT: The province may have eliminated the deficit in the 2017-18 budget, but net debt continues to grow. It’s projected to reach $312 billion this fiscal year and rise by $24 billion by 2019-20.