Contents
Foreword
2017 Budget Talks and Pre-Budget Consultations
Chapter 1: Creating Jobs and Building Prosperity for Everyone
Section A: Fostering a More Innovative and Dynamic Business Environment
- 2016 Budget: Jobs for Today and Tomorrow
- Making Progress
- Implementing the Business Growth Initiative
- Reducing Electricity Costs for Business
- Expanding International and Internal Trade
- Strategic Partnerships
- Supporting the Sharing Economy
- Financial Technology
- Strengthening Consumer and Investor Protection
- Modern and Flexible Approach to Financial Services Regulation
- Low-Carbon Economy
Section B: Building Tomorrow’s Infrastructure Now
- 2016 Budget: Jobs for Today and Tomorrow
- Making Progress
- Child Care and Education Infrastructure
- Postsecondary Education Infrastructure
- Health and Social Infrastructure
- Moving Ontario Forward
- Ongoing Investments in Transportation
- Securing a Clean Energy Future
- Progress on Asset Optimization
- Beverage Alcohol Modernization
Section C: Investing in People’s Talents and Skills
Section D: Strengthening Retirement Security
- Agreement on a Canada Pension Plan Enhancement
- Strengthening and Modernizing Workplace Pension Plans
- New Opportunities for Workplace Savings
Section E: Towards a Fair Society
- 2016 Budget: Jobs for Today and Tomorrow
- Making Progress
- Electricity Price Relief to Reduce the Cost of Everyday Living
- Housing Affordability
- Greater Opportunities in the Workplace
- More Stable and Secure Incomes
- Community Inclusion and Supporting Vulnerable Populations
- Long-Term Affordable Housing Strategy
- Supporting Opportunities for Indigenous Peoples
- Protecting Consumers
Section F: Transforming Health Care
Chapter 2: A Balanced Path to a Balanced Budget
Section A: Ontario’s Path to a Balanced Budget
Section B: Transforming Government and Managing Costs
Section C: Addressing the Underground Economy and Maintaining Tax Fairness
Chapter 3: Economic and Fiscal Outlook
Section A: Ontario’s Economic Outlook
- Ontario’s Recent Economic Performance
- External Economic Environment
- Outlook for Ontario’s Economic Growth
- Ontario’s Housing Market
- Risks to Ontario’s Economic Outlook
- Details of the Ontario Economic Outlook
Section B: Fiscal Outlook
- 2016–17 Fiscal Update
- Medium-Term Fiscal Outlook
- Medium-Term Revenue Outlook
- Medium-Term Revenue Changes since the 2016 Budget
- Medium-Term Expense Outlook
- Fiscal Prudence
- Details of Ontario’s Finances
Section C: Borrowing and Debt Management
- Long-Term Public Borrowing
- Green Bond Update
- Interest on Debt Savings and Affordability
- Net Debt-to-GDP
- Reducing Ontario’s Electricity Sector Stranded Debt
Chapter 4: Together Towards a Stronger Ontario and a Stronger Canada
- Collaborative Action in the Federation
- Federal–Provincial Collaboration: Progress and Next Steps
- Federal–Provincial Fiscal Balance in the Federation
- Continued Need for a Strong Partnership
- Continued Action with Municipal and Indigenous Partners
Chapter 5: A Fair and Sustainable Tax System
Section A: Strengthening Ontario’s Property Tax and Assessment System
- Additional Municipal Property Tax Flexibility
- Multi-Residential Properties
- Provincial Land Tax
- Review of Railway Right-of-Way Property Taxation
Section B: Modernizing Land Transfer Tax and Other Tax Measures
- Land Transfer Tax
- Doubling the Maximum Refund for First-Time Homebuyers
- Modernizing Land Transfer Tax Rates
- Restricting the Refund for First-Time Homebuyers to Canadian Citizens and Permanent Residents
- Collecting Information about Ontario’s Real Estate Market
- Fair Market Value
- Fiscal Impact of Land Transfer Tax Measures
- Business Tax Credits
List of Tables
Chapter 1: Creating Jobs and Building Prosperity for Everyone
- Table 1.1 Recent Strategic Investments through the Jobs and Prosperity Fund since the 2016 Budget
- Table 1.2 Recent Regional Development Investments
- Table 1.3 Examples of New and Renovated Schools Opened in 2016–17
- Table 1.4 Examples of Connecting Links Projects
- Table 1.5 Highlights of Projects Underway
- Table 1.6 Regional Health Investment Examples
Chapter 2: A Balanced Path to a Balanced Budget
Chapter 3: Economic and Fiscal Outlook
- Table 3.1 Ontario Economic Outlook
- Table 3.2 Outlook for External Factors
- Table 3.3 Impacts of Sustained Changes in Key External Factors on Ontario’s Real GDP Growth
- Table 3.4 The Ontario Economy, 2014 to 2019
- Table 3.5 Private-Sector Forecasts for Ontario Real GDP Growth
- Table 3.6 Changes in Ministry of Finance Key Economic Forecast Assumptions: 2016 Budget Compared with 2016 Fall Economic Statement
- Table 3.7 Ontario’s Medium-Term Fiscal Plan and Outlook
- Table 3.8 2016–17 In-Year Fiscal Update
- Table 3.9 Summary of Revenue Changes since the 2016 Budget
- Table 3.10 Summary of Expense Changes since the 2016 Budget
- Table 3.11 Summary of Medium-Term Revenue Outlook
- Table 3.12 Summary of Medium-Term Revenue Changes since the 2016 Budget
- Table 3.13 Summary of Medium-Term Expense Changes since the 2016 Budget
- Table 3.14 Revenue
- Table 3.15 Total Expense
- Table 3.16 Details of Other Expense
- Table 3.17 2016–17 Infrastructure Expenditures
- Table 3.18 Ten-Year Review of Selected Financial and Economic Statistics
- Table 3.19 Borrowing Program and Medium-Term Outlook
Chapter 5: A Fair and Sustainable Tax System
List of Charts
Chapter 1: Creating Jobs and Building Prosperity for Everyone
- Chart 1.1 Ontario Exports Expanding to New Markets
- Chart 1.2 Ontario and Canada Greenhouse Gas Emissions and Targets
- Chart 1.3 Benefits of Infrastructure Investments
- Chart 1.4 Illustrations of Maximum Annual Benefit
Chapter 2: A Balanced Path to a Balanced Budget
- Chart 2.1 Ontario’s Plan to Eliminate the Deficit
- Chart 2.2 Net Debt-to-GDP and Accumulated Deficit-to-GDP
Chapter 3: Economic and Fiscal Outlook
- Chart 3.1 2015 Real GDP Growth, Ontario and the G7
- Chart 3.2 Employment Gains Concentrated in Full-Time, Private-Sector, Above-Average Wage Industries
- Chart 3.3 Ontario Trade Continues to Support the Economy
- Chart 3.4 Ontario Economic Growth Expected to Broaden
- Chart 3.5 Ontario’s Labour Market Expected to Improve Further
- Chart 3.6 Mortgage Carrying Costs in the GTA and Hamilton–Burlington Elevated Relative to Historical Trends
- Chart 3.7 Composition of Revenue, 2016–17
- Chart 3.8 Composition of Total Expense, 2016–17
- Chart 3.9 2016–17 Borrowing
- Chart 3.10 Interest on Debt-to-Revenue Ratio
- Chart 3.11 Net Debt-to-GDP and Accumulated Deficit-to-GDP
- Chart 3.12 Effective Interest Rate (Weighted Average) on Total Debt
Chapter 4: Together Towards a Stronger Ontario and a Stronger Canada
Updated: November 14, 2016
Published: November 14, 2016