On May 1, 2014, Ontario Finance Minister Charles Sousa tabled his second Budget.
The deficit for the 2013-14 fiscal year is projected to be $11.3 billion, which is $400 million less than the amount estimated when the 2013 Budget was tabled. The deficit for the 2014-15 year is projected to be $12.5 billion and the longer-term forecast continues to call for a return to a surplus by 2016-17. Net public debt to GDP is projected to continue to increase until 2015-16, from which time it will to start to decrease.
Top income earners, large Canadian-controlled private corporations (CCPC), users of aviation fuel and tax-exempt diesel fuel, and smokers will all face increases in the taxes they pay.
Subsequent to the Budget’s release, the NDP indicated that they would not support it and a general election has now been called for June 12, 2014. As a result, the future of this Budget’s contents is uncertain.
Please click the link to read Lipton’s full Ontario Budget Commentary
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