Here's How the Ontario Government is Planning to Help Families and Businesses
The Ontario government has passed a new plan in order to provide relief for families and businesses.
The plan is also meant to chart a path to a balanced budget and protect critical public services such as health care and education -- without introducing any new taxes.
“Passing Budget 2019 gives the government important and modern tools to restore fiscal accountability and provide relief to hard-working families and businesses,” Minister of Finance Vic Fedeli said in a statement. “This is how the government is protecting what matters most and putting people first.”
With the passing of Bill 100, the Protecting What Matters Most Act (Budget Measures), 2019, the government is implementing signature initiatives outlined in the 2019 Ontario Budget.
This includes central aspects of Bill 100, such as the Childcare Access and Relief from Expenses (CARE) tax credit, a new child care initiative to be introduced province wide.
The CARE tax credit will provide about 300,000 families with up to 75 per cent of their eligible child care expenses and allow families to access a broad range of child care options, including care in centres, homes and camps.
The Bill is also meant to allow municipalities to make rules about where alcohol can be consumed in public spaces, such as parks, and retroactively pausing a wine tax increase that was scheduled for April 1, 2019.
The Premier and Minister’s Accountability Guarantee will be introduced, which would require both the Premier and the Minister of Finance to give up 10 per cent of their premier and ministerial salaries for failing to make public financial and economic reports by the legislated deadline.
Effective Jan. 1, 2020, the Estate Administration Tax would be eliminated for taxable estates with assets of $50,000 or less and would be reduced by $250 for larger taxable estates. The Provincial Government reasons that this would provide tax relief for family's difficult times of need, such as the death of a loved one.
Click here for more details on Bill 105 and the 2019 Ontario Budget.
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