For, in addition to the line-up that will soon form around Queen’s Park by the consultants and lawyers angling for those juicy green innovation funds, there are all those “free allowance” of cap-and-trade credits, to be dispensed at the minister’s discretion, to traditionally favoured sectors. In addition, more than half of students from families earning $83,000 or less annually will receive grants that will more than cover their tuitions.
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The ninth consecutive deficit budget is expected to outline clearly how the Liberal government will eliminate $7.5 billion in red ink by 2017-18.
The budget also intends to expand financial support for mature and married students as well as improving access to interest-free and low-priced loans for students from middle and upper-income families.
Here’s a look at some of the major line items introduced by Ontario Finance Minister Charles Sousa that will have an impact on Ontarians’ personal finances.
Also in the Ontario budget, the minimum price for a bottle of wine in Ontario will rise to $7.95 over the next three years. The average natural gas cost to households will increase $5 per month, while the price of gasoline will go up about $4.3 cents per litre – or about $8 per month.
Sousa formalized Ontario’s new cap-and-trade program, being done in conjunction with Quebec and Ontario, which forces businesses and consumers to reduce carbon emissions by increasing fuel costs.
“In my (downtown Toronto) constituency, and I don’t have a big constituency, the difference in gas prices between one station and another is greater than any change that’s going to occur as a result of cap and trade”, he said.
“We have a lot to celebrate today with this commitment to fairness, equity and justice for students”, said Gabrielle Ross-Marquette, National Executive Representative for the Federation.
– Government expenses were $400 million higher than forecast, including $300 million needed to set up the new cap-and-trade system.
It said GDP will grow by 11 per cent between 2015 and 2020 without cap and trade – but with the climate change initiatives, the economy will reach the same level 1.5 days later each year, or six days cumulatively by 2020. The deficit for 2016-17 is projected to come in at $4.6 billion and be eliminated the following fiscal year, as promised.
Program spending is growing at an average annual rate of 1.9 per cent over the next few years, and debt continues to swell to over $308 billion this year – or about $22,000 per Ontarian.
Beyond pinot and carbon-pricing, the budget will also tout the Ontario Retirement Pension Plan (ORPP), the launch of which has been delayed for one year – to 2018 – in order to give big business more time to prepare.
Changes to the province’s subsidization model for medications will see a reduction in benefits for upper-income seniors, but the changes also hit seniors lower down the income ladder.
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NDP Leader Andrea Horwath said this budget will hurt seniors.
