Did you know that the fastest growing line item in the Ontario Liberal budget is interest payments on debt? At $11.5 billion, interest on debt is the fourth biggest spending category in the Liberal budget. This might be good for bankers and bondholders. . But it's not good for you. It's not good for most people in Ontario.
Thank you for your letter. I have been writing you for a while now and was getting worried you were never going to write back. I'm getting involved in the Conservative leadership race because I can't stand watching incompetent politicians destroy my country. You and Justin Trudeau are two of them. Rachel Notley would be the third.
Every winter, the Ontario Standing Committee on Finance invites groups to make submissions about what they would like to see in the spring budget. Every year, the Canadian Taxpayers Federation does what no other group in Ontario does: they ask the government to spend less money, not more.
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The province is back to where it was 2014. And that's good.
Ontario's Liberal government says it is on track to eliminate a $5.7-billion deficit.
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Ontario, the world’s most indebted sub-sovereign borrower, is ploughing ahead with Canada’s most ambitious infrastructure plan -- risking the censure of Standard & Poor’s and underperformance for its...
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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.
OTTAWA - Seniors and those approaching retirement are making up a growing proportion of those filing for insolvency in Ontario and have bigger debts compared to younger people, a report said Monday.An...
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...
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...
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 - Moody's credit rating agency changed Ontario's debt rating Wednesday to negative from stable, citing concerns about the province's ability to eliminate a $12.5 billion deficit by 2017-18 as...
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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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.
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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.
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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.
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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.
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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.
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.
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.
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.
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.
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.
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.
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
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...