Wednesday, the PC Government unveiled the Fall Economic Statement at Queens Park. This was an opportunity for the Government to provide an update on the progress of our plan to renew our commitment to balance the budget by 2023 through prudent fiscal management, while investing in the key services that Ontarians rely on.
The outlook projected a deficit $1.3 billion less than initially thought. This is evidence that our PC Team is dedicated to bringing our province back to fiscal order after 15 years of reckless Liberal spending.
While committing to eliminating the deficit, the update offered a refreshed commitment to invest in critical services and reducing the burden of government on small businesses.
Under the PC plan, funding for small- and medium-sized hospitals, public health units, childcare and programs to help our most vulnerable will increase by $1.3 billion.
Good news for small businesses as well. The Government announced a proposal to lower the small business Corporate Income Tax rate to 3.2 per cent from 3.5 per cent beginning on January 1, 2020. This would be a move which would save over 275,000 small businesses up to $1,500 annually.
Rod Phillips, MPP for Ajax said on Wednesday that “by implementing our plan we are stimulating job creation, putting more money in people’s pockets, making our streets safer, our commutes shorter and our government smarter.”