News

Ontario 2014 budget highlights

By Antonella Artuso, Queen's Park Bureau Chief

(Fotolia)

(Fotolia)

TORONTO - 

Some highlights of the Liberals' 2014 Ontario budget, delivered Thursday:

Ontario Pension Plan

New mandatory pension plan, like CPP, for more than 3 million working Ontarians

 

Jobs and Prosperity Fund

$2.5-billion, 10-year fund to partner with business to promote job creation

 

Debt Retirement Charge

Will disappear from hydro bills on Jan. 1, 2016, for savings of almost $70 a year

 

End of Ontario Clean Energy Benefit

Will disappear from hydro bills on Jan. 1, 2016, for added cost of $180 a year

 

Hydro price breaks

For low income families and industrial electricity users

 

Road Construction

Hwy. 407 east phase, High Occupancy Vehicle lanes on Hwys. 10/427, widening Hwy. 401 near Cobourg, widening Hwy. 69 between Parry Sound and Sudbury, realignment of Hwy. 66 through Virginiatown, expand sections of Hwys. 11/17, realignment of Hwy. 7 between Kitchener and Guelph, expand Hwy. 427 from Hwy. 7 to Major Mackenzie Drive

 

Tobacco Taxes

Up 1.6 cents per cigarette, jacking a 200-cigarette carton up to $27.95 in taxes from $24.70, plus HST

 

High Income Earner Tax Increase

A Personal Income Tax hike on taxable income over $150,000

 

Low Income Families Boost

Tying Ontario Child Benefit to inflation, allowing more kids to access dental service and school nutrition programs, increase in social assistance

 

Low Income Earners Make More

Hike in child-care workers/personal support worker wages and minimum wage

 

Auto Insurance

Government encouraging insurance companies to offer “usage-based” rates


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