Newzulu via CP
"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.