Ontario Debt

Report Spells Bad News For Wynne

CP | Allison Jones, The Canadian Press | Posted 11.25.2014 | Canada Politics

TORONTO - Higher taxes or further spending cuts will likely be needed if Ontario's Liberal government is to keep its promise of balancing the books in...

Carbon Tax Is Not a Solution for Ontario's Economy

Candice Malcolm | Posted 10.05.2014 | Canada Business
Candice Malcolm

Ontario has dug itself into a deep financial hole. The responsible thing to do is curb government spending to balance the books. But some analysts are suggesting that Ontario should raise taxes. McGill University's Dr. Christopher Ragan has even called for a carbon tax. This is a terrible idea. The last thing cash-strapped Ontario families can bear right now is a tax on everything.

Are "Wynne Days" Coming?

Sean Speer | Posted 09.19.2014 | Canada Politics
Sean Speer

We've seen this script before. Higher spending. Tax increases. Persistent deficits. Growing debt. Warnings from credit rating agencies. A government unwilling to make the tough choices to turn things around. That's the Ontario of the 1980s and early 1990s. It's also where the province finds itself today.

The Stories Politicians Tell Themselves Are Rarely True

Mark Milke | Posted 09.20.2014 | Canada Politics
Mark Milke

Bob Rae and Kathleen Wynne are hardly the only (former and current) politicians to engage in storytelling. Politicians of every partisan stripe do the same thing. But while stories are useful and guide us in a variety of beneficial ways, the rational side of human nature should revisit tales now and then, especially political ones. That leads to better, smarter government. Ontario is no exception.

Moody's 'Negative' News For Ontario

CP | Keith Leslie, The Canadian Press | Posted 09.01.2014 | Canada Business

TORONTO - Moody's credit rating agency changed Ontario's debt rating Wednesday to negative from stable, citing concerns about the province's ability t...

Wynne, Stop Ontario's Credit Rating From Plummeting Further

Sean Speer | Posted 08.19.2014 | Canada Politics
Sean Speer

The government already spends 9.2 per cent of its revenues to service its debt and, according to its own estimates, this will rise to nearly 11 per cent in the next four years. Put plainly, Ontario spends $1 out of every $10 sent to Queen's Park to pay for past debt. This is money not spent on health care, education, transportation, or other public priorities. The increase in rates and the expectation for further hikes means even more tax revenues will go to paying interest instead of key government services.

Tim Hudak Will Get Ontario's Books in Order

Candice Malcolm | Posted 08.05.2014 | Canada Politics
Candice Malcolm

As the election heats up and politicians fall over themselves to promise the moon to voters, the single largest problem facing Ontario continues to be the province's pitiful finances. Hudak has been brutally honest with the people of Ontario about what his government will cut and the tough decisions they will make to get the province back on track.

Ontario's Debt and Deficits Will Only Get Worse

Sean Speer | Posted 07.28.2014 | Canada Politics
Sean Speer

The results do not bode well for Ontario. Provincial debt amounts to 237.7 per cent of revenue -- the highest ratio amongst the provinces. In other words, the total debt accumulated by the Ontario government represents almost two and a half years of revenues. Ontario's ratio is much higher than Quebec, the second most indebted province (189.5 per cent) on this metric.

The Ontario Budget Is a Train Wreck

Charles Lammam | Posted 07.02.2014 | Canada Business
Charles Lammam

With Ontario lagging behind other provinces on a wide range of economic indicators and recently becoming a "have-not" province, it desperately needed a bold plan to improve competitiveness and foster economic growth. Unfortunately, Thursday's budget failed to deliver and will only exacerbate Ontario's fiscal and economic challenges.

Borrowing for Transit is a Tax on Future Taxpayers

Candice Malcolm | Posted 07.01.2014 | Canada Politics
Candice Malcolm

It's far from perfect, but it is a sign of good will that the government has been listening to its critics -- namely the Ontario NDP who demanded no new taxes on "the middle class" and the Canadian Taxpayers Federation who has long called for a dedicated fund to tie taxes collected from drivers with roadway spending.

What Ontario's Budget Should Look Like

Sean Speer | Posted 06.30.2014 | Canada Politics
Sean Speer

On May 1 Ontario Finance Minister Charles Sousa will stand in the provincial legislature to deliver this year's budget speech. Imagine if Sousa were to surprise us all and take a different track -- one that sets out a new agenda to return Ontario to its historical position as the economic engine of the country.

What Premier Wynne Should Learn From Philippe Couillard

Candice Malcolm | Posted 06.29.2014 | Canada Politics
Candice Malcolm

Since the financial meltdown in 2008-09, Quebec has run massive deficits each year. The province is on track to add $53 billion to its total provincial debt -- a 35 per cent increase -- by the end of the year. But in the same period, Ontario under McGuinty and Wynne will add $120 billion to its debt -- a 71 per cent increase.

CIBC Misses the Point About Ontario's Economy

Niels Veldhuis | Posted 06.17.2014 | Canada Business
Niels Veldhuis

The analysis of one of Canada's leading banks incorrectly concludes Ontario can't be compared to California, should be compared to other provinces, isn't necessarily at fault for being the second most indebted province, and argues the federal government should consider bailing Ontario out. No wonder Ontario is in the state it's in.

Ontario Usurps California's Role as Poster Child for Debt

Sean Speer | Posted 05.20.2014 | Canada Politics
Sean Speer

A sign of the seriousness of Ontario's debt problem is evidenced by comparisons with California, which for more than a decade has been the butt of jokes of comedians, political commentators, the media, and politicians themselves for its inability to solve its perennial financial problems. This dubious distinction ought to be a wake-up call for Ontario's policymakers and citizens alike.

How the Liberal Budget Will Harm Taxpayers

Candice Malcolm | Posted 05.06.2014 | Canada Politics
Candice Malcolm

Ontario NDP Leader Andrea Horwath has drawn a line in the sand, and if Premier Kathleen Wynne crosses it, Ontario will head to the polls for a spring election. Much to the delight of the Canadian Taxpayers Federation, this line in the sand is about tax increases.

Premier Wynne: Just Say No to Flaherty

Mitch Wolfe | Posted 11.30.2013 | Canada Politics
Mitch Wolfe

Flaherty's single federal securities regulator on the provinces will have devastating economic consequences that the Wynne-Liberal government will inflict upon the Ontario economy. There are many reasons why this is a very bad deal for Ontario, grasshopper. Here is one such reason.

Which Provinces Are In The Most Financial Trouble?

The Huffington Post Canada | Posted 08.25.2013 | Canada Business

Canada’s provinces have been struggling to balance the books for years (some of them for decades), and with the economic sluggishness of recent year...

Is There no End to this Liberal Deficit Madness?

Mitch Wolfe | Posted 08.28.2013 | Canada Politics
Mitch Wolfe

Is there no end to this Liberal deficit madness? It is ironic that Premier Wynne does not practice what she preaches, as she and her government have reneged on their commitment of continuous funding of $150 million annually to the City of Toronto for its social housing.

Will Wynne Untangle Ontario's Fiscal Mess?

Charles Lammam | Posted 04.01.2013 | Canada Politics
Charles Lammam

Having won the Ontario Liberal Party's leadership, Premier-designate Kathleen Wynne has a golden opportunity to chart a new course and undo Dalton McGuinty's legacy of fiscal mismanagement. As Wynne contemplates priorities for her leadership she should seriously consider putting Ontario's deficit and debt problem on the top of her to-do list

Euro-Style Debt Crisis Could Hit Canada: Report

The Huffington Post Canada | Daniel Tencer | Posted 10.18.2012 | Canada Business

Canada could face a eurozone-style debt crisis in the coming decades if provinces don’t fix their finances, says a new report from the Macdonald-Lau...

Which Provinces Are In The Most Financial Trouble?

The Huffington Post Canada | Daniel Tencer | Posted 10.16.2012 | Canada Business

Canada’s provinces are in long-term fiscal trouble. That was the conclusion of a recent report from federal Parliamentary Budget Officer Kevin P...

Ontario's Good Bad News

CP | Maria Babbage, The Canadian Press | Posted 12.15.2012 | Canada Politics

TORONTO - Ontario's minority Liberals will reach out to labour leaders and the Progressive Conservatives to get a public sector wage freeze that's nee...

What's Keeping Ontario's Finance Minister Up At Night?

CP | Maria Babbage, The Canadian Press | Posted 04.21.2012 | Canada Politics

TORONTO - Ontario's growing debt is the boogeyman that keeps Finance Minister Dwight Duncan awake at night.For everyone else, the new nightmare is whe...

7 Austerity Horror Shows From Around The World

The Huffington Post Canada | Rachel Mendleson | Posted 02.15.2012 | Canada Business

With the release of the much-awaited Drummond Commission report on Wednesday, so begins months (perhaps years?) of political and public hand-wringing ...

Cut Deep Or Face Greece's Fate, Ontarians Told

CP | Posted 02.15.2012 | Canada

TORONTO - Bigger class sizes, higher electricity and water bills and new parking fees at public transit stations are among the bitter pills deficit-ri...