2016 Ontario Budget Delivered – TSA Reports Key Items

Here’s what you need to know right now – further analysis to follow.

  • The Province is projecting a deficit of $5.7 billion in 2015-16; or $2.8 billion less than its projection a year ago. The Government remains committed to balancing the budget by 2017-18;
  • $160 billion will be spent on infrastructure over the next 12 years.  The funded projects are expected to support over 110,000 jobs, on average, each year;
  • $2.7 billion has been allocated for investments in the Jobs and Prosperity Fund over the next 10 years.  The Program is credited by the Government with creating and retaining more than 16,000 jobs to date;
  • The Going Global Export Strategy (established with $30 million in initial funding over 3 years) and the Business Growth Initiative (funded with $400 million over 5 years) are aimed at helping firms expand exports, become more competitive globally, and increase productivity;
  • $3 billion is allotted for capital grants to post-secondary institutions over the next 10 years and average tuition will be made free for students with financial needs from families with incomes of $50,000 or less; and,
  • A number of targeted tax and fee reductions for Ontarians, including eliminating the debt retirement charge on electricity bills, as of January 1, 2016, which the Government estimates will save $70 annually per account.
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