NEWS

Ministry of Finance

 

 

Building Ontario Up Today For A Brighter, Stronger Tomorrow

2014 Ontario Budget Moves Forward With Plan to Create Jobs and Grow the Economy, Build Modern Transit and Infrastructure, and Help Ontarians with Their Retirement, While Balancing the Budget by 2017–18

July 14, 2014 4:08 p.m.

 

Ontario is moving forward with its plan to build opportunity and security for today and tomorrow. The 2014 Ontario Budget, tabled today by Minister of Finance Charles Sousa, takes immediate action to create jobs by investing in a highly skilled workforce, building modern infrastructure and transportation networks, and supporting a dynamic and innovative business climate.

The Budget also takes steps to build the retirement security workers deserve, an initiative that supports long-term economic growth. The government will continue managing spending responsibly and eliminate the deficit by 2017-18. As laid out in Budget 2014, to achieve its fiscal targets while creating more opportunity and more security for people in every region, the government will manage spending carefully while making strategic investments that build on the competitive advantages of Ontario's people and businesses.

Building on People's Talents and Skills

Despite a challenging global economic environment, Ontario continues to attract investments that are creating jobs, growing the economy, and expanding opportunity for workers today and tomorrow. Ontario's talented workforce is its greatest asset in attracting investment and sustaining economic growth. The Budget builds on the strength of Ontario's people by:

Building Modern Infrastructure and Transportation Networks

Ontario's public infrastructure -- our roads, bridges, transit systems, hospitals, and schools -- help make the province one of the best places in the world to live, work and invest. To build on Ontario's infrastructure advantage, Budget 2014 invests more than $130 billion in infrastructure over the next 10 years. This investment will create jobs right away, improve Ontario's productivity and support the jobs and growth of tomorrow. It includes:

Building a Supportive and Dynamic Business Environment

Ontario's diversified economy is sustained by infrastructure that moves people and goods efficiently, a highly skilled workforce that growing businesses seek, and an internationally competitive and predictable corporate tax rate. To build on the strength of Ontario's dynamic and innovative business climate, Budget 2014 invests in strategic partnerships that produce enduring economic benefits for businesses, communities and people. It includes:

Building Retirement Security

The Province will create the Ontario Retirement Pension Plan to help working families build a more secure retirement. When combined with CPP payments, it will help provide the comfortable retirement they deserve. The Ontario Retirement Pension Plan will:

Building Opportunities and a Fair Ontario

The government understands that Ontario's success depends on the success of all people. Budget 2014 builds a fairer Ontario that further supports economic growth through measures that include:

Building Towards Fiscal Balance

The government will eliminate the deficit by 2017-18. Budget 2014 lays out the path by responsibly managing spending and investing strategically in new growth. With the help of the new President of the Treasury Board, who will champion transparency, efficiency and accountability across government, Ontario will meet its target for a balanced budget and move towards pre-recession debt-to-GDP levels. Budget 2014 measures include:

Building a Stronger Canada

As a net financial contributor to confederation, Ontario expects fair fiscal treatment from the federal government. But major federal transfers to Ontario this year are $641 million less, which independent experts and even Canada's Parliamentary Budget Officer have identified as unfair treatment. Ontario will continue to insist on fair fiscal transfers from the federal government and seek federal partnership on matters of national and provincial interest. Ontario's Budget 2014 takes actions that are in both the national and provincial interest, which include:

The 2014 Ontario Budget lays out a comprehensive plan for a strong Ontario, with more jobs, more opportunity and a more secure future.  It will build Ontario up with opportunities right now and security for our future. 

 

QUOTES

" Our Budget delivers a plan for a brighter, stronger future for Ontarians. It creates greater opportunity and security for people everywhere around the province. Ontarians entrusted us and our plan and today we begin to move forward. We will invest in the education and skills training necessary for new growth. We will build public transit to reduce congestion and connect communities with new roads and highways. We will partner with businesses to create well-paying meaningful jobs, and provide even greater financial security for future retirees. Underlying this plan is our unwavering commitment to balance the budget by 2017–18."
- Charles Sousa
Minister of Finance

 

QUICK FACTS

 

LEARN MORE

 

For Media Inquiries only Susie Heath - Minister's Office
susie.heath@ontario.ca  
416-325-3645

For Media Inquiries only Scott Blodgett - Ministry of Finance
scott.blodgett@ontario.ca
416-325-0324

FOR PUBLIC INQUIRIES CALL: 1-800-337-7222
TTY: 1-800-263-7776

 

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