Despite a global economic recession, Ontario has remained on relatively solid ground due to a strong government and a caring budget.
The 2009 Ontario Budget highlights our government’s commitment to supporting our families, while also ensuring that Ontario’s economy continues to be globally competitive and well positioned to lead the way towards an economic recovery. In March we introduced a comprehensive tax reform package that will harmonize the sales tax, cut personal and corporate income taxes, and provide new tax credits for Ontarians.
No doubt you have heard much about the move toward a single sales tax system. This is the single most important thing we can do to put Ontario’s economy on solid, competitive footing. Harmonizing the sales tax is a responsible, measured reform that will eliminate duplication and save millions of dollars in waste.
Moving to a single sales tax will save our businesses over $500 million a year in administrative costs and will lower their cost of production through input tax credits. The current Retail Sales Tax (RST) is not a value added tax; at every stage businesses pay RST on each input of production, resulting in a tax on a tax on a tax. By providing an input tax credit, producers will get the RST back from their production costs, which will lower their cost of production and reduce the final price of the goods produced.
In addition to lowering the cost of doing business, we are providing over $4.5 billion in tax relief over three years to make businesses more competitive in Ontario. Our combined cuts in Corporate Income Tax and the Capital Tax will reduce Ontario’s marginal effective tax rate on new investment in half, making Ontario the most attractive jurisdiction in the developed world for new investment.
By spurring economic activity and helping our businesses we are creating the jobs and attracting the investments that will see Ontario families through these difficult times.
To further help Ontarians, we are providing $10.6 billion in tax relief over three years. These tax initiatives include a tax rebate of up to $1,000 per family and $300 for single people, and a new permanent refundable sales tax credit for low- and middle-income people of up to $260 to help transition towards a harmonized sales tax. We are also reducing the first-bracket income tax rate from 6.05 per cent to 5.05 per cent, making it the lowest rate of any province in Canada.
We have taken important steps to ensure that our economy is on solid ground so that we can continue to invest in the core public services – like health care and education – that make Ontario the best province, in the greatest country to live in.
Our 2009 Ontario Budget is a measured, balanced approach to positioning Ontario to succeed in the new global economy.
Author : Yasir Naqvi is Member of Ontario Parliament from Ottawa Centre. He is also the parliamentary Secretary to the Minister of Revenue.
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Rob Oliphant (MP Don Valley West) Visited Second Annual Muslim Heritage Day at ROM
The Royal Ontario Museum, in conjunction with UM Group, held its second annual Muslim Heritage Weekend from Saturday, October 3 through Monday, October 5, 2009. Visitors were treated to special Islamic artifacts, lectures and activities. It was a great opportunity for Canadians to take a glimpse into Islam’s rich cultural heritage.
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Diwali at Queens Park
Premier McGuinty celebrates Diwali with Indo-Canadians in Queen’s Park amidst chants of ‘Tamaso ma jyothirgamaya’ (Lead me towards light from darkness). He led his cabinet colleagues Hon. Harinder Takher, Minister of Government Services, Ms Kathleen Wynn, Minister of Education in lighting of the ceremonial lamp at the Queen’s Park Legislative Building on Oct 16th to mark Diwali – the festival of lights. The reception was jointly organized by the Consulate General of India and Panorama India.
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TDSB continues to seek a negotiated settlement
The Toronto Public Library Board today received notification of a “No-Board” report from the Ontario Ministry of Labour. The Board confirms it will continue to seek a negotiated settlement with the Toronto Public Library Workers’ Union Local 4948 up to the legal strike deadline and beyond if necessary.
Premier McGuinty celebrates Diwali with Indo-Canadians in Queen’s Park amidst chants of ‘Tamaso ma jyothirgamaya’ (Lead me towards light from darkness). He led his cabinet colleagues Hon. Harinder Takher, Minister of Government Services, Ms Kathleen Wynn, Minister of Education in lighting of the ceremonial lamp at the Queen’s Park Legislative Building on Oct 16th to mark Diwali – the festival of lights. The reception was jointly organized by the Consulate General of India and Panorama India.
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TDSB continues to seek a negotiated settlement
The Toronto Public Library Board today received notification of a “No-Board” report from the Ontario Ministry of Labour. The Board confirms it will continue to seek a negotiated settlement with the Toronto Public Library Workers’ Union Local 4948 up to the legal strike deadline and beyond if necessary.
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