The Ontario government is making it more affordable to go to university and college. It’s pretty exciting news for many young Ontarians (as well as their parents, obviously). Students who are from families with an income of less than $50,000 will get non-repayable grants that will cover their tuition plus a good chunk of related education costs.
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In health care, hospital funding is increasing by $345 million, $130 million will be spent on cancer-care services and an additional $75 million is being earmarked for community-based residential hospices and palliative care.
This year’s deficit will be $5.7 billion, with the 2016-17, $133.9 spending plan reducing the deficit to $4.3 billion, said Sousa. “We’re transforming the way our economy works”, Sousa said.
Wine prices will also be on the rise by about 10 cents per bottle.
The Liberal budget reveals that the GHG emissions cap will continue to shrink by 4.17 per cent each year until at least 2020 for the transportation fuel sector and related industries. While he wasn’t sure how much the promise will cost, he said it will be offset by eliminating education tax credits.
Indeed, it looks like the only folks who won’t be offered a way out of the cap-and-trade program are Ontarians themselves, who will now pay the equivalent, at current prices, of a five per cent sales tax at the gas pumps, and another $60 a year in higher heating bills. Coffers will also get a lift from a carbon pricing plan, which the government says will be devoted exclusively to green projects.
The changes will be in effect by the start of the 2017-18 school year, the budget says. As one sop, the province is eliminating the $30 Drive Clean levy.
The annual prescription will be increased for seniors with drug deductible, which will to $170 from $100 dollars and the co-payment fee will also be increased by $1.
Ontario Finance Minister Charles Sousa, right, delivers the Ontario 2016 budget next to Premier Kathleen Wynne, left, at Queen’s Park in Toronto on Thursday, February 25, 2016.
Ontario NDP leader Andrea Horwath said the budget does nothing to help ordinary homeowners.
The new Ontario Student Grant, announced in Thursday’s budget, will begin in the 2017-18 school year and means money will be available up-front for needy families earning less than $50,000.
Performance comes in many forms.
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Ontario recorded about C$1 billion more revenue for the 2015-16 fiscal year than it estimated in November, mostly because of taxes gleaned from the province’s hot housing market as economic growth picked up to a projected 2.5 percent from a 1.9 percent forecast in November.
