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Ontario budget highlights
Last Updated: Tuesday, March 25, 2008 | 4:29 PM ET
The Canadian Press
Here are the highlights of the Ontario budget presented Tuesday by Finance Minister Dwight Duncan:
- $1.5 billion over three years for a new program to help retrain workers who lose their jobs.
- $750 million in business tax measures over four years, including retroactive tax cuts to 2007.
- 10-year Ontario income-tax exemption for new businesses that commercialize research from qualifying universities, colleges or research institutes.
- Previously announced $1 billion in infrastructure spending, including $467 million for public transit in the Greater Toronto area and Hamilton.
- Health care spending for 2008-09 increases to $40.4 billion, up 6.2 per cent over fiscal 2007.
- $1 billion over five years for a proposed new tax property grant to help low- and medium-income seniors. Grants will be up to $250 next year, doubling to $500 in 2010.
- New Aboriginal Ministry to have a budget of $55.6 million in fiscal 2008, almost double what it had when the portfolio was lumped in with the Ministry of Natural Resources.
- Surplus for 2007-08 projected at $600 million.
- Economic growth this year predicted to be 1.1 per cent; job growth expected to be one per cent, with 68,000 jobs created.
- Total spending for 2008-09 to be $96.2 billion.
