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Health care Highlights Five things to know
Ontario’s finance minister delivered the province’s fiscal plan Thursday, the government’s first balanced budget in a decade. Here are some of the highlights:
GROWING DEBT: Despite reaching balance in its latest budget, Ontario’s debt continues to grow — with projections putting it at $312 billion for 2017-2018. The province’s net debt is expected to rise to $336 billion in 2019-20. Interest on debt is the fourth largest spending area, at $11.6 billion.
CHILD CARE SPACES: Ontario is vowing to create 24,000 new licensed child care spots, 60 per cent of which would be governmentsubsidized. That would come at a cost of $200 million. The province says it has already created 56,000 licensed child care spaces in recent years.
SCHOOL AND BEYOND: Ontario is vowing to build new schools in high-growth areas and help older facilities get a facelift. The province is setting aside about $16 billion in the next decade for new construction as well as renovations and retrofits to make existing schools more energy-efficient.
HELP FOR SENIORS: Getting around using public transit will be slightly cheaper for Ontario seniors, who will be able to get part of their transit expenses refunded under a new tax credit. The program, which is slated to kick in on July 1, will cover 15 per cent of eligible transit costs, up to $130 per person annually. It is expected to cost the province $10 million a year. Money is also being set aside — $8 million over three years — for elderly persons centres, which provide services such as meals on wheels and exercise classes.
SUPPORT FOR INDIGENOUS RESIDENTS: Ontario’s budget includes measures meant to help the province’s indigenous communities access education among other things. The government is spending $200 million over three years to boost post-secondary education and training opportunities.
TAXES ON TOBACCO The Liberals are increasing tobacco taxes and giving municipalities the power to levy a hotel tax. Tobacco tax rates will rise by $10 per carton of cigarettes over the next three years, starting with a $2 bump that takes effect at midnight.
LAND TRANSFER TAX Southern Ontario’s booming housing market poured hundreds of millions more than expected into Ontario’s coffers last fiscal year. It helped generate $637 million more than projected in land transfer tax revenue. The land transfer tax is expected to bring in $3.1 billion this fiscal year.
OPPOSITION PARTIES REACT: Ontario’s opposition parties derided the Liberal government’s budget. Progressive Conservative Leader Patrick Brown says the fiscal plan is nothing but a ploy to win over voters. Ontario’s NDP Leader Andrea Horwath, meanwhile, says the budget does nothing to address the needs of cash-strapped families.