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"There has been no change to the relevant accounting standard>"
The province could eliminate a deficit next year.
College and university students from low-income families stand to benefit the most from the Liberal government's fiscal plan.
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Liberal government maintains it can eliminate the deficit by 2017-18.
Ontario, as with many governments, is lucky its debt interest payments are not substantially higher given its almost doubled debt. That has everything to do with historically low interest rates. But luck is not a long-term strategy for governments -- at least not ones that prefer prudence over accidental fiscal offerings.
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TORONTO - Ontario's Liberal government remains committed to balancing the books by 2017-18, Finance Minister Charles Sousa said Friday as he ducked questions about whether he'll have to hike taxes in...
Consider that in 2013/14 interest on the provincial debt was $10.6 billion. According to the province's fall fiscal update, that was just over half of all provincial sales tax revenue paid by Ontarians last year ($20.5 billion). So Ontarians should know that when you pay your provincial sales tax at the till, half of it flutters away just to pay your provincial government's debt interest.
TORONTO - Fitch Ratings downgraded Ontario's long-term debt rating Friday, highlighting "risks" on the path to the Liberal government's target of balancing the budget by 2017-18.The rating agency cut...
It is laughable that the Ontario Liberals are scolding residents of the province for not putting enough away for their own retirements when the Government has so chronically underfunded it's own defined benefit pension plans that they look more like Ponzi schemes than retirement benefits.
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TORONTO - Ontario's auditor general is sounding the alarm about the province's ballooning debt in her annual report, warning that it continues to grow faster than the province's economy.In her 600-pag...
By 2017/18, the government expects that over 10 cents of every revenue dollar collected by Queen's Park will go to servicing past debt rather than public services that Ontarians care about such as health care and education or tax relief that improves the province's tax competitiveness.
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 three years, the Conference Board of Canada said...
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.
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.
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.
TORONTO - Ontario's Liberals may have won a majority June 12, but they have no plan to eliminate a $12.5 billion deficit without cutting jobs or raising taxes, the opposition parties charged Monday.In...
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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.
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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.
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.
TORONTO - Ontario's Progressive Conservatives released cabinet documents Monday that they said show the Liberals misled the public for years with "fake" figures on the size of the province's deficit,...
Canada’s provinces have been struggling to balance the books for years (some of them for decades), and with the economic sluggishness of recent years, the challenges have only been growing. So who’s g...
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.
For the sake of future generations, we need to take immediate and forceful action to deal with Ontario's massive deficit. And of course, to cut the deficit we will need to cut government waste, and that includes cutting the wasteful practices so prevalent in our education system. Ontario is going to have to take drastic action lest it go the way of Greece.
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
TORONTO - Ontario's projected deficit for 2012-13 has fallen from $14.8 billion to $11.9 billion.Finance Minister Dwight Duncan says the nearly $3-billion drop from last spring's budget projection is...
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-Laurier Institute that echoes growing concerns among Ca...
Canada’s provinces are in long-term fiscal trouble. That was the conclusion of a recent report from federal Parliamentary Budget Officer Kevin Page, who noted that — while Canada’s federal government...
TORONTO - Ontario's minority Liberals will reach out to labour leaders and the Progressive Conservatives to get a public sector wage freeze that's needed to eliminate the province's $14.4 billion defi...
TORONTO - Ontario's minority Liberal government is downplaying a decision by Moody's Investors Service to downgrade the province's debt rating, citing the cash-strapped province's growing debt burden...
TORONTO - A second credit rating agency put Ontario on credit watch Wednesday, just hours after the province announced last year's deficit was $300 million less than projected only a month ago.Standar...
Former Liberal MP Borys Wrzesnewskyj is in court this week, challenging the 2011 election results in the Toronto riding of Etobicoke Centre. The race was close. Wrzesnewskyj lost to Conservative Ted...
TORONTO - Ontario can no longer afford to allow teachers to bank sick days and get a large payout on retirement and also needs to freeze their wages for two years, Education Minister Laurel Broten sai...