{"id":25483,"date":"2019-11-07T04:32:53","date_gmt":"2019-11-07T09:32:53","guid":{"rendered":"https:\/\/wawa-news.com\/?p=25483"},"modified":"2019-11-07T04:32:53","modified_gmt":"2019-11-07T09:32:53","slug":"ontario-government-beating-fiscal-targets-while-investing-in-priority-programs","status":"publish","type":"post","link":"https:\/\/wawa-news.com\/index.php\/2019\/11\/07\/ontario-government-beating-fiscal-targets-while-investing-in-priority-programs\/","title":{"rendered":"Ontario Government Beating Fiscal Targets While Investing in Priority Programs"},"content":{"rendered":"

\"\"<\/a>Finance Minister Rod Phillips today released the 2019 Ontario Economic Outlook and Fiscal Review: A Plan to Build Ontario Together<\/em> \u2014 which maintains the government’s commitment to balance the budget by 2023-24 through prudent fiscal management while making strategic investments in critical public services, and strengthening the conditions for job creation.<\/p>\n

The government is making steady progress on its plan. Minister Phillips announced that the government is projected to beat its deficit target for 2019-20 by $1.3\u00a0billion \u2014 reducing the projected deficit to $9\u00a0billion from the $10.3\u00a0billion outlook presented in the\u00a02019 Budget<\/em>.<\/p>\n

The previous administration not only left the province with the largest subnational debt in the world, but also some daunting challenges including hallway health care, transit and roads that are heavily congested and government services that are inefficient and outdated.<\/p>\n

“Since taking office 16 months ago, our government has taken steps to strengthen our finances, our economy and critical public services,” said Minister Phillips. “Solving these challenges has not been about grand gestures, but rather the practical and meaningful actions that help make life easier and more affordable for people, like reducing taxes, investing in health care and education, and building modern transit and roads.”<\/p>\n

The government’s plan is balanced and prudent. While making steady progress to reduce the deficit, it is investing an additional $1.3\u00a0billion in critical services. This includes more funding for small- and medium-sized hospitals, public health units, child care and programs to help our most vulnerable.<\/p>\n

At the same time, the government is creating a climate to support and attract business investment and job creation across the province. In the\u00a02019 Ontario Economic Outlook and Fiscal Review<\/em>\u00a0the government is proposing to reduce the small business Corporate Income Tax rate to 3.2\u00a0per\u00a0cent from 3.5\u00a0per cent beginning on January 1, 2020. This would provide tax relief of up to $1,500 annually to over 275,000 businesses \u2014 from family-owned shops to innovative start-ups.<\/p>\n

As a result of government actions to date, Ontario’s small businesses would save $2.3\u00a0billion in 2020.<\/p>\n

“We believe the role of government is to enable the opportunity for a better quality of life and a higher standard of living for all of our citizens,” said Minister Phillips. “By implementing our plan we are stimulating job creation, putting more money in people’s pockets, making our streets safer, our commutes shorter and our government smarter.”<\/p>\n

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Did you Know?<\/h4>\n