Ontario is planning to introduce tuition fee grants for families earning less than $50,000 a year, according to budget proposals tabled in the Legislature Thursday. The Liberals project a budget deficit for one more year and then say they will balance the budget by 2017-18. By the numbers, Ontario proposes to run a deficit of C$5.7 billion ($4.21 billion) in fiscal 2015-16 and smaller-than-expected C$4.3 billion in 2016-2017. In 2017-18 Finance Minister Charles Sousa says, the government will balance the books. In this regard, the government has been helped by lower oil costs to perk up the province’s manufacturing base. As well, the lower dollar has increased exports. The smaller deficit and higher spending on education and infrastructure will be paid for by economic growth, the government said, and future spending will come from tax increases most of which are a function of so-called cap and trade.carbon pricing. By any name, it is all increased taxes on gasoline and natural gas, the most widely used household heating fuel in Ontario. There will also be increases to the price of wine and cigarettes. It’s a budget for Ontario, just not Toronto.
