Ontario will help more people purchase their first home through a proposal to double the maximum Land Transfer Tax (LTT) refund for eligible first-time homebuyers to $4,000. The proposed increase is detailed in the 2016 Ontario Economic Outlook and Fiscal Review and would be effective January 1, 2017 and means that eligible homebuyers in Ontario would pay no LTT on the first $368,000 of the cost of their first home.
The 2016 Review highlighted how the government is making new investments in programs, services and supports that help people in their everyday lives. These include $140 million in new funding that will help patients and their families receive better care and quicker access to services at every hospital across Ontario. As well, more families will benefit from an expansion of licensed child care with an investment of $65.5 million this school year to support the creation of about 3,400 new spaces.
Ontario is projecting balanced budgets next year and the year after. The deficit is projected to be $4.3 billion in 2016–17, in line with the 2016 Budget forecast. Ontario has a proven track record of beating its deficit targets, as demonstrated each of the past seven years. Most recently, Ontario’s Public Accounts for 2015–16 reported a $5 billion deficit, an improvement of $3.5 billion from the 2015 Budget deficit projection.
The government’s balanced plan to grow the economy and create jobs is working. The Province is expected to be among the leading economies in Canada over the next two years. For the first half of 2016, Ontario posted stronger growth in gross domestic product than Canada, the United States and almost all other G7 countries. Exports are trending higher, businesses are hiring more workers and household incomes are rising.
Ontario’s labour market continues to improve, with more than 641,000 net new jobs created since the global recession. The unemployment rate is at an eight-year low and is projected to steadily decline.
The government continues to build Ontario up for everyone through strategic investments.
New initiatives include:
Helping People in Their Everyday Lives
Strengthening Health Care and Education
Fostering a Dynamic and Innovative Business Climate
Protecting Ontario Consumers
“Our plan to build Ontario up for everyone is working. Whether through increased hospital funding or taking action on housing affordability, we continue to make strategic investments to help people in their everyday lives while staying on track to balance the budget." — Charles Sousa, Minister of Finance
“Our government continues to focus on a strong plan for a prosperous Ontario, with results we can be proud of. Ontario’s economy has grown faster than most of the G7, including the United States and the United Kingdom, we’ve created more jobs than any other province, and our unemployment is at an eight-year low. We’re helping innovative businesses to grow and compete globally and we’re improving skills training and employment programs to prepare our youth for opportunities in an evolving marketplace. And by increasing hospital funding, helping first-time home buyers, and offering free tuition for low-income families, we’re making smart investments to meet the needs of today and tomorrow. Our plan is fair and responsible, growing our economy while making the future brighter for all Ontarians." — Kevin Flynn, MPP for Oakville
For more details on the government’s progress, read the backgrounders:
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