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2014 Ontario budget highlights

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TORONTO

  • Hydro price breaks – Low income families can breathe easy as well as industrial electricity users.

     

     

     

  • Jobs and Prosperity Fund – $2.5-billion, 10-yearfund to partner with business to promote job creation.
  • 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.
  • Ontario Pension Plan – New mandatory pension plan, like CPP, for more than 3 million working Ontarians.
  • 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
  • Tobacco Taxes – Up 1.6 cents per cigarette, jacking a 200-cigarette carton up in price to $27.95 from $24.70
  • High Income Earner Tax Increase – A Personal Income Tax hike on taxable income over $150,000. This may not be pleasant news for those on the Sunshine List.
  • 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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