Taxes will be going way down for low-income workers and families.
Ontario’s government has released their fiscal outlook, announcing a plan to cut taxes and reduce spending.
“The magnitude of our fiscal challenge is real. It will require difficult decisions as we work to get Ontario’s finances back on track,” said Minister Fedeli. “This government believes balancing the budget and reducing Ontario’s debt burden is not only a fiscal imperative, it is a moral one. The previous government spent well beyond its means, creating a structural deficit that is unsustainable. Doing nothing is not an option — we need to spend smarter and reinvent government.”
There will be a large tax cut for low-income workers and families. Under the new Low-income Individuals and Families Tax Credit, 1.1 million Ontarians will get a tax cuts.
For individual workers making the minimum wage, it will put up to $850 back in their pockets, while couples could save up to $1700.
The government has found $3.2 billion in spending cuts, equaling about 2% of all spending.
As a result, the budget deficit is projected to be $14.5 billion, down from the $15 billion deficit predicted three months ago.
“Ontario’s plan is modest, pragmatic and reasonable — recognizing that the Province has a spending problem, not a revenue problem,” said Fedeli. “The plan does not raise taxes, makes life more affordable for people, and safeguards vital public services and programs they rely on every day. A government that puts its fiscal house in order is a government that is truly working for the people.”
Photo – Twitter