TORONTO — Finance Minister Rod Phillips yesterday released the 2019 Ontario Economic Outlook and Fiscal Review: A Plan to Build Ontario Together — 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.
The government has a balanced plan for every Ontario community, with support for Brantford-Brant including:
Addressing regional disparities in economic growth with the new Regional Development Program, which includes Southwestern Ontario Development Fund that will provide performance-based loans to eligible small- and medium-sized businesses in Brantford-Brant.
Developing a Southwestern Ontario Transportation Plan, to help build a better transportation system to keep goods and people moving locally and across the region.
Reducing Corporate Income Tax for small businesses from 3.2 percent to 3.5 percent to help local small businesses prosper and grow.
Modernizing the skilled trades and apprentice system to both give people the skills they need to succeed in a career in skilled trades and to better meet local skilled trades labour needs.
Helping people and businesses connect and stay safe by investing 63.7 million to expand broadband in Southwestern Ontario.
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 billion — reducing the projected deficit to $9 billion from the $10.3 billion outlook presented in the 2019 Budget.
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hallway health care, transit and roads that are heavily congested, and government services that are inefficient and outdated.
“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.”
The government’s plan is balanced and prudent. While making steady progress to reduce the deficit, it is investing an additional $1.3 billion 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.
At the same time, the government is creating a climate to support and attract business investment and job creation across the province. In the 2019 Ontario Economic Outlook and Fiscal Review the government is proposing to reduce the small business Corporate Income Tax rate to 3.2 per cent from 3.5 per cent beginning on January 1, 2020. This would provide tax relief of up to $1,500 annually to over 275,000 businesses — from family-owned shops to innovative start-ups.
As a result of government actions to date, Ontario’s small businesses would save $2.3 billion in 2020.
“Our government is taking real action to strengthen our province and make life better for Ontarians,” said Will Bouma, MPP for Brantford-Brant “This Fall Economic Statement will improve our regional transportation system, support small- and medium-sized businesses in our community and help make life more affordable for the people of Brantford-Brant.”
