The Ontario Liberal government has announced that it plans to reduce costs by $17.7 billion over the next three years, while raising revenues by $4.4 billion without increasing taxes.
Other highlights of the budget for 2012 include:
- Freezing the planned reductions to the corporate income tax rate and business education tax rate
- Extending the pay freeze for MPPs as well as executives at hospitals, colleges, universities, school boards, and agencies for another two years
- Capping the Ontario Clean Energy Benefit at 3,000 kWh per month to save around $500 million
- Asking about 5 percent of seniors in the province with the highest incomes to pay more of their prescription drug costs
- Continuing to provide 30 percent off the tuition for eligible full-time undergraduate post-secondary students
- Fully implementing full-day kindergarten by 2014
- Ensuring user fees recover more of the cost of providing provincial programs and services
