"The minister said he intends to hit that target even though the economy is feeling the effects of the U.S. President Donald Trump's tariffs. You know, while people have been desensitized to debts and deficits, I think they still really matter, Bethlenfalvy said. And we have an obligation not just to think about, as (former prime minister) Brian Muloney said, the next 10 days, but think about the next 10 years."
"Bethlenfalvy has already announced one new measure that will add costs to the provincial treasury, agreeing to match a federal to cut HST on new home purchases for first-time homebuyers. The full scope of those costs will be detailed in the plan, the government has said. It's all meant to spur more home construction in the province at at time when the market has stalled."
A fiscal update will present a plan showing Ontario's books in the black by 2027-2028, consistent with the spring budget projection. U.S. tariffs are affecting the provincial economy and could influence fiscal targets. Ontario closed the last fiscal year with a deficit just over one billion dollars and projects a $14.5-billion shortfall for the current year. The province agreed to match a federal cut to HST on new home purchases for first-time buyers, a measure that will add costs to the treasury. That measure aims to spur home construction amid a stalled housing market.
Read at www.cbc.ca
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