Insider Insights: Five things we could see in the Ontario budget
The provincial government won't table its budget until May 2, which Finance Minister Charles Sousa will take a "balanced approach" to dealing with Ontario's economy.
What exactly will the province announce in the budget? CTV's Queen's Park Bureau Chief Paul Bliss has compiled a list of some things we could expect:
Cutting the clean hydro credit
The Clean Energy Benefit may be nixed next year for households with annual income of more than $90,000. Those who earn less would likely have the "discount" tied to their level of income. Low-income households would still get the CEB. The Clean Energy tax credit is paid for by your tax dollars...in order to reduce your hydro bill.
More money for transit...from you
Sousa says people in the north will NOT pay for transit expansion in the GTA. This implies we will soon see things like parking space taxes, High Occupancy Lane tolls and other taxes ALL in the GTA-Hamilton region. The budget will set the stage for selection of new fees and levies to raise money to pay for transit and roads.
Cheaper auto insurance
The minister needs co-operation from the NDP who have demanded a 15 per cent cut in auto insurance rates in exchange for their support of the spring budget. Sousa won't commit to actually reducing your premiums by 15 per cent within a year, but says cuts ARE on the way.
No new tax cuts?
The minister heaped praise upon his government for having a low tax environment that attracts foreign investment. He says "We are staying the course on our tax policy and holding taxes at our current low levels." For us, this means NO TAX CUTS in the coming budget.
Putting the brakes on automaker tax credits
The Ontario government is looking to eliminate what it believes are "inefficient" tax policies and credits. Among the tax breaks being eyed for termination are some that have been granted to the auto industry to help it weather its near-collapse in the 2008 recession.