2019 Ontario Economic Outlook and Fiscal Review
Nov. 8, 2019
Global Korean Post
Finance Minister Rod Phillips on Nov. 6 released the 2019 Ontario Economic Outlook and Fiscal Review: A Plan to Build Ontario Together — which maintains the government’s 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.
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 outlook presented in the 2019 Budget.
“Since taking office 16 months ago, our government has taken steps to strengthen our finances, our economy and critical public services,” said Minister Phillips. “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.”
At the same time, the government is creating a climate to support and attract business investment and 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 per cent from 3.5 per cent beginning on January 1, 2020. This would provide tax relief of up to $1,500 annually to over 275,000 businesses — from family-owned shops to innovative start-ups.
As a result of government actions to date, Ontario’s small businesses would save $2.3 billion in 2020.
The Province is also proposing to reduce the aviation fuel tax rate in the North to 2.7 cents per litre from 6.7 cents per litre.