Ontario Budget to be Tabled Thursday

Canada’s most populous province, which accounts for about 40 percent of the country’s economy, will run a deficit of C$5.7 billion ($4.21 billion) in fiscal 2015-16 and C$4.3 billion in 2016-2017 as it aims to return to balanced books by 2017-2018, according to the budget presented by Finance Minister Charles Sousa.

Students who are from those families earning $83,000 or less on annual basis and who are primarily living on their own are qualified for grants that top their tuition expenses in order to assist them with their costs for living.

In its latest budget, Ontario’s Liberal government says it is on track to eliminate a $5.7-billion deficit in the next fiscal year largely thanks to managing program spending and fighting the underground economy.

A new $2.4 million one-year pilot project will also allow those fleeing domestic violence to access affordable housing benefits without having to wait for a unit to become available.

While post-secondary enrolment has increased in Ontario over the past 12 years by 38 per cent, potential students from families earning less than $30,000 have just a 38 per cent likelihood of attending college or university.

The annual prescription will be increased for seniors with drug deductible, which will go from $170 to $100 dollars and the co-payment fee will also be increased by $1.

The previous day, Premier Kathleen Wynne confirmed gas prices would climb by 4.3 cents a litre in 2017 as a result, while natural gas prices will rise by about $5 a month for the average homeowner.

NDP Leader Andrea Horwath said she’s really concerned about the state of Ontario’s health care and education systems, and wants to see the freeze on hospital budgets lifted and more money for schools.

“They are changing various types of grants students could apply for and upfronting those at the beginning of their career”, she told reporters Thursday afternoon.

The new system is set to take effect next January, and will bring in an estimated $1.3 billion for the treasury while reducing greenhouse gas emissions. The sale of government assets and proceeds from carbon pricing are expected to help the Liberals meet that goal.

With Ontario’s net debt expected to exceed $300-billion, Progressive Conservative Leader Patrick Brown is calling for “immediate action” in the budget to reduce the debt. It costs taxpayers more than $10 billion in interest to carry the debt each year.