The Ontario government has announced its intention to balance the budget by the end of 2023.
According to an announcement from Finance Minister Rod Phillips, the provincial government intends to invest in public services and foster job creation—so far, more than 250,000 new jobs have been created in Ontario since June 2018—while also cutting the deficit to $9 billion—$1.3 billion less than their original target.
“Since taking office 16 months ago, our government has taken steps to strengthen our finances, our economy, and critical public services,” Phillips said in a news release.
“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,” he continued.
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The government has committed to investing $1.3 billion in critical services including: funding for small- and medium-sized hospitals, public health units, child care and programs to help Ontario’s most vulnerable residents.
Additionally, the government intends to reduce the small business Corporate Income Tax rate to 3.2 per cent from 3.5 per cent, which will come into effect January 1, 2020 and will provide tax relief of up to $1,500 annually to over 275,000 businesses—from family-owned shops to innovative start-ups.
“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,” Phillips added. “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.”