The government is moving forward with a 10-year plan for the economy focused on investing in people, building modern infrastructure, and supporting a dynamic and innovative business climate. These actions will build opportunity and security, and put the province's businesses and people in a position to create new jobs today.
The government will continue to manage growth in spending and will balance the budget by 2017-18, while making strategic investments in key public services and to help grow the economy.
Highlights of the plan include:
Despite a challenging global economic environment, the economy continues to grow and create jobs, providing Ontarians with opportunities today and to move into new careers and higher-paying jobs. The next steps the government will take include:
Transportation and Infrastructure
Ontario's investments have helped make the Province one of the best places in the world to live, work and invest. Since 2003, Ontario has invested nearly $100 billion in hospitals, schools and transportation infrastructure, supporting an average of 100,000 jobs each year in construction and related industries.
The Province's projected population growth will result in significant demand for all types of infrastructure. To meet this challenge, the 10-year plan proposes over $130 billion in infrastructure investments to create jobs now, spur productivity and help the province grow and prosper, including:
Securing Ontarians' Retirement
Studies have shown that Canadians, especially those in the middle class, are not saving enough and need more money for their retirement. To help Ontarians be more secure in their retirement, the government is proposing a new mandatory provincial pension plan -- the Ontario Retirement Pension Plan -- that would be cost-effective, responsible and help Ontario workers build a more secure retirement future.
The plan would build on the Canada Pension Plan (CPP), and expand pension coverage initially to more than three million working Ontarians who currently rely on the CPP, Old Age Security and their own savings for retirement income.
Creating Opportunities and a Fair Ontario
The government is focused on investing in people today to provide fairness and security for all Ontarians. The 2014 Ontario Budget includes the following measures:
Responsible Fiscal Management
The Province's deficit for 2013-14 is now estimated to be $11.3 billion -- a $0.4 billion improvement compared with the 2013 Budget forecast. This will mark the fifth year in a row that the Province will report a deficit lower than forecast.
Ontario will continue to invest in the things that matter to Ontarians and that will spur growth today and tomorrow.
Ontario's performance against its fiscal targets to date is the result of a responsible and balanced approach to fiscal management, and the government's commitment to ensure value for taxpayers' money by making every dollar count. The government has managed spending in a way that has resulted in lower-than-forecast program expense in each of the last five years. The government remains committed to balancing the budget by 2017-18.
The 2014 Ontario Budget lays out a plan for a strong Ontario, with more jobs, more opportunity and a more secure future. It will build opportunities right now and for our future.