BUSINESS

Ontario's Transfer Payments Get $1.25 Billion Boost From Federal Government

12/15/2014 01:24 EST | Updated 02/14/2015 05:59 EST
CP
TORONTO - The federal government says Ontario will receive an additional $1.25 billion in transfers from Ottawa next year.

Federal Finance Minister Joe Oliver says the province will receive more than $20.4 billion in transfers in 2015-16 — the most of any province.

Ontario Finance Minister Charles Sousa says the federal government shortchanged his province in 2014-15 by $640 million when it unilaterally tweaked the transfer calculations.

Sousa says Ontario did not receive the amount it would have under the old equalization formula.

He sent a letter to Oliver last week saying those changes put Ontario's plan to balance its books by 2017-18 at risk.

Sousa says Ottawa's latest transfer figures for next year now put Ontario where it should be.

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