Ontario entered this recession with an already elevated government debt burden. Municipalities will be provided flexibility to target property tax relief for small businesses with a provincial commitment to consider matching these reductions. The budget invests $2 million over 2 years to fund the development of community supports that promote healthy and active aging, support social engagement, and help with participation in the labour force. Bill 179) put forward by MPP Robin Martin. Additionally, existing property tax exemption for Ontario branches of the Royal Canadian Legion will apply for 2019 and subsequent tax years to Ontario units of the Army, Navy and Air Force Veterans in Canada.

Minister Phillips has outlined Ontario’s 2020 Budget as the next phase of Ontario’s Action Plan. Ontario’s budget deficit will likely be the largest in provincial history.

While additional clarity will be sought on a number of matters, we understand that the local service agreement MOU’s between Conservation Authorities and Municipal Governments are a local matter and the province is not intending to reduce this local control of MOUs through future regulation. Less permit fee and land transfer tax revenue is driving Toronto’s overall revenue drop. Provincial GDP declined by 12.3 per cent in the second quarter of this year. TORONTO, ONTARIO - January 16, 2020 (LSN) ——Since 2007/08, the year before the last recession, combined federal and provincial debt has grown from $837.0 billion to a projected $1.5 trillion in 2019/20, finds a new study released today by the Fraser Institute, an independent, non-partisan Canadian public policy …

Through three main pillars of Protect, Support, and Recover the government is making $45 billion ($30 billion already announced) in commitments over the next three years to manage the pandemic, focus on addressing the COVID-19 challenges and economic difficulties, and support key investments to deliver on an economic recovery. Ontario is projected to pay $12.5 billion in interest costs in 2020–21, unchanged from the forecast in the 2020–21 First Quarter Finances. In 1990, Ontario’s debt-to-GDP ratio stood at 13 per cent. August 12, 2020 9:12PM. Within the budget document, the word “municipal” is found over 140 times reflecting a great deal of focus and priority placed toward Ontario’s municipal sector. The program will be delivered by Ontario Trillium Foundation through two streams. The budget invests $100 million over 2 years to support community tourism, cultural and sport organizations. The budget puts forward an investment in Seniors Active Living Centres in the amount of $3.1 million over the next fiscal year (2021-22). $10 million over 2 years to support wastewater monitoring and public reporting, to improve transparency around monitoring and public reporting of sewage overflows and bypasses from municipal systems in the Great Lakes. Ontario debt highest among provinces. These items are wide-ranging and provided at a high level. The expectation is that a more detailed Budget Bill will follow shortly. Ben Eisen. The Budget announced previous commitments made which included the increase of daily direct care for long-term residents to four hours a day over a four-year period.

The Ford government projected a deficit of $20.5 billion for 2020-21. Ontario’s net debt more than doubled in one decade, to $324 billion in 2017.

The Ford government has said this week's budget will focus on COVID response measures. These investments build on supports announced as part of the first phase of Ontario’s response to COVID-19, and the investments made to protect vulnerable seniors through the COVID-19 Fall Preparedness Plan. The province's deficit this year will be 4.6 per cent larger than the Ontario economy. For this budget update, many of them have been omitted for brevity as they have been shared by AMO previously to members. New investments in stormwater systems include: The $4 billion Safe Restart Agreement provides $2 billion to Ontario’s transit systems to help support services during the pandemic and Ontario has provided municipal governments and transit operators with $15 million in provincial funding to support enhanced cleaning.

The government is lowering the Business Education Tax rates in recognition of this long-standing municipal concern. $15 million over two years in one-time funding to support municipalities to improve the management of Lake Ontario wastewater and stormwater discharges, to reduce combined sewer overflows and bypasses, lower phosphorus discharges. $10 million over 2 years to support wastewater monitoring and public reporting, to improve transparency around monitoring and public reporting of sewage overflows and bypasses from municipal systems in the Great Lakes. Finally, the provincial debt-to-GDP ratio is projected to hit 50 per cent within two years. $15 million over two years in one-time funding to support municipalities to improve the management of Lake Ontario wastewater and stormwater discharges, to reduce combined sewer overflows and bypasses, lower phosphorus discharges. Tags: ontario debt, ontario deficit, ontario deficits , ontario government debt. Within today’s budget, there are several repeated provincial announcements that were made throughout the year. Contact us  About us  Our experts  Careers.

Below are the immediate highlights of new items in the 2020 Provincial Budget of a municipal interest. Your email address will not be published. This will be provided in the 2021 Spring budget. Additionally, existing property tax exemption for Ontario branches of the Royal Canadian Legion will apply for 2019 and subsequent tax years to Ontario units of the Army, Navy and Air Force Veterans in Canada. Required fields are marked *. All rights reserved. #LSN_Opinion Fraser Institute . Over the next three fiscal years, Ontario’s cumulative deficit will hit a forecasted $99.7 billion. Ontario’s 2020–21 net debt-to-GDP ratio is now forecast to be 47.0 per cent, compared to 47.1 per cent at the time of the 2020–21 First Quarter Finances. Donors who give $100 or more per year receive copies of The Quarterly digest (released four times per annum). The volatility created by the pandemic will result in a ranging economic growth projection for 2021 with it expected to narrow in 2022. The Honourable Rod Phillips, Minister of Finance has released the 2020 Provincial Budget. Ontario's 2020 budget deficit remains at $38.5 billion, with cash for seniors, parents and business tax cuts Funding support will be available to municipalities. Tags: ontario ... Ontario’s net debt more than doubled in one decade, to $324 billion in 2017. AMO will continue to review the budget details as well as the proposed legislation that is expressed to follow the budget. Through a new optional property subclass for business properties, municipalities will be able to define this for their own local needs. Finally, the provincial debt-to-GDP ratio is projected to hit 50 per cent within two years. The Ford government has said this week's budget will focus on COVID response measures. COVID-19 has impacted the global economy and Ontario has felt the impact. Minister Phillips has outlined Ontario's 2020 Budget as the next phase of Ontario's Action Plan. Peter Munk Centre for Free Enterprise Education. Minister Phillips has outlined Ontario’s 2020 Budget as the next phase of Ontario’s Action Plan. Yesterday, the government announced an additional $680 million to support broadband and cellular connectivity for unserved and underserved communities, including a doubling of the ICON program to $300 million. © 2020 Fraser Institute. The Budget confirmed recent announcements on broadband and cellular as well as infrastructure investments. Updates will be provided as additional information becomes available.