Navigating the budget can at the best of times be frustrating and confusing, residents hear numbers thrown about and often wonder WHERE the money is actually going. I aim here to provide some of the highlights found within the 2015 Ontario Budget:
That 7 of 10 new jobs require postsecondary education and training and that the youth unemployment rate: 14.9%, down from 18.6% during recession. We are investing in the skills and talents of our young people and preparing them for the jobs of tomorrow. Investing $250M over 2 years, bringing total investment to over $565M, including:
Keeping People Moving:
Unlocking the value of provincial assets such as an initial public offering (IPO) of approximately 15 per cent of the common shares of Hydro One with additional share sales in subsequent years and introducing beer in grocery stores will help to support transit, transportation and infrastructure projects in Ontario. The largest infrastructure investment in Ontario’s history will support over 110,000 jobs per year:
Net proceeds from asset optimization will go to Trillium Trust to support Moving Ontario Forward: Accelerate service enhancements to GO transit network, which will lay the foundations of Regional Express Rail (RER)
Investing in Tomorrow:
That enhancing the Jobs and Prosperity Fund by a total of $200 million beginning in 2015-16 will assist with:
No New Taxes:
All of these investments will raise the standard of living, create jobs and grow the economy in Ontario accomplished by making hard yet creative choices and NOT raising Personal Income Tax, Corporate Tax, Gas Tax, HST:
Ontario Retirement Pension Plan:
The government has committed itself to establishing the plan by January 1st, 2017. The retirement landscape has changed dramatically over the last few decades. People are finding it harder and harder to save for retirement, workplace pension plan coverage is becoming increasingly rare and low interest rates have also lessened returns on investments making it more difficult to live comfortably after retirement.
Once established the ORPP will be the first of its kind in Canada. Modelled after the CPP, it will:
Consultations across the Province were held with communities, not-for-profit associations, businesses, young professionals, the self-employed, technical experts and advisers. With these consultations complete, the government is now carrying out its analysis and will giving more details about the plan in the coming months.
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