ONTARIO FISCAL UPDATE: DEFICIT CUT $500M IN FIRST FOUR MONTHS
Nov 15, 2018
By Bob Komsic
The Ford government says it’s already managed to reduce the province’s deficit to $14.5-billion.
In delivering his first Fall Economic Statement, Finance Minister Vic Fedeli says the Tories found $3.2-billion in efficiencies in operations, including a hiring freeze across the public service.
However, it’s also taking in $2.7-billion less in revenue, including $1.5-billion attributed to the cancellation of cap and trade.
The fiscal update also promises to eliminated provincial income tax for those earning less than $30,000-a-year.
Fedeli says The Low-income Individuals and Families Tax (LIFT) Credit would benefit 1.1-million Ontarians, providing relief of up to $850 in Ontario Personal Income Tax relief and couples up to $1,700.
The government’s also pledging to expand hours of operation at The Beer Store and LCBO outlets, allowing them to remain open seven-day-a-week until 11 p.m.