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.
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