2008 Provincial Budget Update March 25, 2008 Finance Minister Dwight Duncan delivered the Liberal government’s third consecutive balanced budget today with investments in workforce training totaling $1.5 billion, $1 billion in new municipal infrastructure, and $110 million for tourism initiatives. The government announced a stronger then expected economic growth of 2.1 percent. This year’s projected surplus is expected to be $600 million. Ontario is expected to create over 230,000 new jobs by 2010. The accommodation and food services sector posted strong job growth in 2007 at 26,500. Modest economic growth is anticipated in 2008 due to a slowing US economy, high oil prices and a strong Canadian dollar. The Ministry of Finance is predicting a real GDP growth of 1.1 percent in 2008, 2.1 percent in 2009 and 2.7 percent in 2010. Forecasters call for a Canadian dollar of 98.7 cents US in 2008, 96.2 cents US in 2009 and 97.9 cents US in 2010. Oil prices averaged $72.30 US per barrel in 2007, rising to more than $110 in March 2008 and are expected to remain elevated.
Tourism The Budget supports new investment and proposed tax measures totaling $110 million over five years which include:
Taxes Mandatory phase–in of property reassessment increases announced in the 2007 budget are to be extended to all property taxes including commercial, industrial and multi-residential.
Infrastructure The Budget includes $1 billion in funding for municipal infrastructure as follows:
Other Points of Interest
For more information, please contact Terry Mundell, President, GTHA, at 416-351-1276 or info@gtha.com |
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Greater Toronto Hotel Association Queen's Quay Terminal at Harbourfront Centre 207 Queen's Quay West, Suite 404 Toronto, Ontario M5J 1A7 Telephone: (416) 351-1276 Fax: (416) 351-7749 email: gtha@gtha.com Copyright 2010 |
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