QUEEN’S PARK, TORONTO: Ontario Finance Minister Rod Phillips yesterday released the 2019 Ontario Economic Outlook and Fiscal Review: A Plan to Build Ontario Together.
Parry Sound-Muskoka MPP Norman Miller is pleased to see the government’s continued commitment to balance the budget by 2023-24 through prudent fiscal management while making strategic investments in critical public services and strengthening the conditions for job creation.
The government is making steady progress on its plan to balance the budget. Minister Phillips announced that the government is projected to beat its deficit target for 2019-20 by $1.3 billion – reducing the projected deficit to $9 billion from the $10.3 billion projected in the 2019 budget.
“Since taking office 16 months ago, our government has taken steps to strengthen our finances, out economy and critical public services,” said Minister Phillips.
The government’s plan is balanced and prudent. While making steady progress to reduce the deficit, it is investing an additional $1.3 billion in critical services. This includes more funding for small- and medium-sized hospitals like Muskoka Algonquin Healthcare and West Parry Sound Health Centre and investing in skills training by expanding the Specialist High Skills Major programs and modernizing our apprenticeship system.
At the same time the government is creating a climate to attract business investment and support job creation across the province. In the 2019 Ontario Economic Outlook and Fiscal Review the government is proposing to reduce the small business Corporate Income Tax rate to 3.2% beginning on January 1, 2020. This would provide tax relief of up to $1,500 annually to more than 275,000 small businesses across Ontario.
“We believe the role of government is to enable the opportunity for a better quality of life and higher standard of living for all of our citizens,” said Miller. “Small businesses are the backbone of our economy and the biggest job creators in Parry Sound-Muskoka so I am pleased to see our government supporting small businesses.”
Since June 2018, Ontario businesses have created 272,400 net new jobs and the unemployment rate is near historic lows.