Ontario budget 2024: what to expect, Ontario Budget, Rates, National Housing strategy, Cutting National Insurance, Project, Ford government,Date, Tax cut summary, Budget Explained All Cuts And Adding, Recent News And Everything To Know
Ontario Budget 2024:
Date: March 26, 2024.
Finance Minister: Peter Bethlenfalvy.
Key Points:
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- The budget forecasts that Ontario’s deficit will more than triple from $3 billion last year to $9.8 billion in 2024-2025, also marking the highest non-COVID budget deficit since former Premier Doug Ford took office.
- Observers predict a relatively cautious budget this year.
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National Housing Strategy Funding:
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- The federal government is considering withholding almost $355 million in funding from Ontario under the National Housing Strategy (NHS).
- Budget 2024 includes several important commitments also related to housing and social services:
- Supportive Housing: $152 million over three years.
- Also Mental Health and Addictions Supports: An additional $396 million over three years.
- Construction Subsidy Increase: $155 million.
Economic Outlook:
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- Despite ongoing economic challenges and uncertainties, Ontario’s economy demonstrated resilience in 2023.
- The province also experienced stronger-than-expected economic performance, with 183,200 net new jobs added (a 2.4% increase).
- While projected growth for 2024 is slower, the government remains committed to responsible fiscal management.
- High interest rates also continue to impact the economy, with real GDP growth projected at 0.3% in 2024.
- Prudent fiscal planning considers slightly below-average projections also compared to private-sector forecasts.
Deficit and Fiscal Plan:
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- In the 2023–24 fiscal year, Ontario also projects a deficit of $3.0 billion.
- Over the medium term:
- 2024–25: Projected deficit of $9.8 billion.
- Also 2025–26: Projected deficit of $4.6 billion.
- 2026–27: Planned surplus of $0.5 billion.
- Economic uncertainties may impact these projections, but the government remains committed to supporting people and businesses while making targeted investments.
Historic Budget:
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- The 2024 budget allocates a whopping $214.5 billion, also making it the priciest budget in Ontario’s history.
- Despite economic turbulence, the government emphasizes investment in infrastructure projects to build a stronger future for the province.
Surplus and Future Path:
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- The next fiscal year is forecast to have a $4.4-billion surplus.
- While challenges persist, Ontario’s commitment to economic growth remains steadfast, even as the path to recovery remains uncertain
Tax Cut Summary:
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- The budget does not specifically mention tax cuts for 2024, but it’s essential to keep an eye out for any updates or announcements during the budget speech.
Budget Explained: All Cuts and Additions:
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- While the budget document provides detailed information, it’s crucial to review the official budget materials for a comprehensive understanding.
Recent News:
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- Ontario’s financial landscape is evolving, and staying informed about budget developments is essential for citizens and also businesses.
