Ontario Budget 2009: Table of Contents

Table of Contents

• Foreword

Chapter I: Confronting the Challenge: Building Ontario’s Economic Future

• Introduction

• Preserving and Creating Jobs Today
  • Smart Stimulus
  • Infrastructure
  • Job Creation and Skills Training
  • Sector Support
• Creating Jobs Tomorrow
  • Ontario’s Tax System
  • Growing the Green Economy
  • Accelerating Innovation
  • Attracting Investment
  • Strengthening Ontario’s Pension System
• Investing in Children and Families
  • Accelerating Ontario Child Benefit Payments
  • Community Hubs
  • Supporting Ontarians Receiving Social Assistance
  • Support for Housing
  • Raising the Minimum Wage
  • Support for Seniors
• Bringing Fairness to Ontario
  • The Need for a Federal Partner to Support Ontario’s Workers
  • The Need for a Federal Partner in Early Learning and Child Care
• Competitive Government
  • Investing in eHealth
  • OntarioBuys

Chapter II: Ontario’s Economic Outlook and Fiscal Plan

Section A: Overview

Section B: 2008–09 Interim Fiscal Performance

• In-Year Revenue Performance
  • Revenue Changes
• In-Year Expense Performance
  • Expense Changes

Section C: Ontario’s Economic Outlook

• Overview
  • Ontario Affected by the Global Economic Downturn
  • Recent Ontario Economic Developments
  • Private-Sector Forecasts
  • External Factors Affecting Ontario’s Growth
  • The U.S. Economy
  • Oil Prices
  • Canadian Dollar
  • Interest Rates and Credit Conditions
  • Impacts of Changes in Key Assumptions on Ontario Real GDP Growth
  • Ontario Economy Expected to Rebound in 2010 and 2011
  • Ontario’s Longer-Term Economic Outlook
  • Details of the Ontario Economic Outlook
  • Comparison to the 2008 Ontario Budget

Section D: Ontario's Revenue Outlook

• Risks to the Revenue Outlook

Section E: Ontario’s Medium-Term Expense Outlook

• Risks to Expense Outlook
  • Contingent Liabilities

Section F: Ontario’s Fiscal Plan

• Medium-Term Fiscal Outlook
• Key Changes Since the 2008 Ontario Budget
• The Plan to Eliminate the Deficit
• Fiscal Prudence
• Risks and the Fiscal Outlook

Section G: Accountability, Transparency and Financial Management

• • Investments in Tangible Capital Assets
  • Interjurisdictional Joint Working Group
  • Consolidation of Hospitals, School Boards and Colleges
  • Financial Management Improvements

Section H: Details of Ontario’s Finances

• • Support from Gaming for Health Care, the Ontario Trillium Foundation and Communities

Chapter III: Reforming Ontario’s Tax and Pension Systems

• Introduction
• Tax Reform Measures
  • Sales Tax Reform
  • Tax Breaks for People
  • Competitive Business Taxes
• Targeted Tax Measures
  • Encouraging Innovation
  • Supporting Key Sectors
  • Supporting Skills and Knowledge
  • Helping Seniors and Families
  • Other Measures
• Pension Reform Measures
  • Solvency Funding Relief Measures
  • Strengthening Ontario’s Pension System
  • Ontario Teachers’ Pension Plan
  • Financial Information
• Technical Amendments

Chapter IV: Borrowing and Debt Management

• Long-Term Public Borrowing
  • Debt
  • Total Debt Composition
  • Debt-to-GDP Ratios
  • Comparative Debt Ratios
  • Cost of Debt
  • Risk Exposure
  • Consolidated Financial Tables

Glossary

List of Tables

Chapter I: Confronting the Challenge: Building Ontario’s Economic Future

• Table 1: Infrastructure Expenditures
• Table 2: Accelerating the Ontario Child Benefit Payment

Chapter II: Ontario’s Economic Outlook and Fiscal Plan

• Table 1: 2009 Budget — Numbers at a Glance
• Table 2: 2008–09 In-Year Fiscal Performance
• Table 3: Summary of Revenue Changes Since 2008 Budget
• Table 4: Summary of Expense Changes Since 2008 Budget
• Table 5: Ontario Economic Outlook
• Table 6: Private-Sector Forecasts for Ontario Real GDP Growth
• Table 7: External Variables
• Table 8: Impacts of Changes in Key Assumptions on Ontario Real GDP Growth
• Table 9: The Ontario Economy, 2006 to 2011
• Table 10: Changes in Key Economic Forecast Assumptions, 2009 Budget Compared to 2008 Budget
• Table 11: Summary of Medium-Term Outlook
• Table 12: Personal Income Tax Revenue Outlook
• Table 13: Sales Tax Revenue Outlook
• Table 14: Corporations Tax Revenue Outlook
• Table 15: Summary of Medium-Term Revenue Changes Since 2008 Budget
• Table 16: Selected Economic and Revenue Risks and Sensitivities
• Table 17: Selected Expense Risks and Sensitivities
• Table 18: Selected Compensation Costs
• Table 19: Medium-Term Fiscal Plan and Outlook
• Table 20: Core Program Expense
• Table 21: Impact of Key Changes to the Medium-Term Fiscal Outlook Since the 2008 Budget
• Table 22: Ontario’s Fiscal Recovery Plan
• Table 23: Medium-Term Fiscal Plan and Outlook
• Table 24: Revenue
• Table 25: Total Expense
• Table 26: Other Expense
• Table 27: Infrastructure Expenditures
• Table 28: Ten-Year Review of Selected Financial and Economic Statistics
• Table 29: Support for Health Care, Charities, and Problem Gambling and Related Programs
• Table 30: Support for Agricultural Sector and Municipalities

Chapter III: Reforming Ontario’s Tax and Pension Systems

• Table 1: Small Business Transition Credit
• Table 2: Ontario Sales Tax Transition Benefit
• Table 3: Ontario Personal Income Tax Rates
• Table 4: Ontario Surtax Thresholds
• Table 5: Ontario Dividend Tax Credit Rates
• Table 6: Ontario’s Proposed Corporate Income Tax Rate Cut Plan
• Table 7: Ontario’s Accelerated Capital Tax Elimination Plan
• Table 8: 2009 Budget Impact Summary

Chapter IV: Borrowing and Debt Management

• Table 1: 2008–09 Borrowing Program: Province and Ontario Electricity Financial Corporation
• Table 2: Medium-Term Borrowing Outlook: Province and Ontario Electricity Financial Corporation
• Table 3: Net Debt and Accumulated Deficit
• Table 4: Debt Maturity Schedule
• Table 5: Medium-Term Outlook
• Table 6: Derivative Portfolio Notional Value

List of Charts

Chapter I: Confronting the Challenge: Building Ontario’s Economic Future

• Chart 1: World Real GDP Growth
• Chart 2 U.S. Real Business Investment and Personal Consumption Expenditure Growth
• Chart 3: Net Debt-to-GDP Provincial Comparison
• Chart 4: Real GDP Growth
• Chart 5: Widespread Job Loss
• Chart 6: Per Capita Change in Public Infrastructure
• Chart 7: Estimated Jobs Created and Supported by Infrastructure Investments
• Chart 8: Change in Manufacturing Employment
• Chart 9: Supporting Families Through the OCB and Social Assistance
• Chart 10: Ontario a Large Net Contributor to EI in 2008

Chapter II: Ontario’s Economic Outlook and Fiscal Plan

• Chart 1: Ontario Real GDP Growth
• Chart 2: Ontario’s Fiscal Plan
• Chart 3: Accumulated Deficit-to-GDP
• Chart 4: G7 Economic Growth, 2009
• Chart 5: G7 Economic Growth, 2010
• Chart 6: Widespread Job Loss
• Chart 7: Crude Oil Prices
• Chart 8: Canadian Dollar
• Chart 9: Mortgage and Prime Loan Rates
• Chart 10: Canadian Business Lending Conditions Tightening
• Chart 11: Ontario Real GDP Growth
• Chart 12: Ontario Real GDP
• Chart 13: Jurisdictional Comparison: 2009–10 Deficit-to-GDP
• Chart 14: Ontario’s Plan to Eliminate the Deficit
• Chart 15: Composition of Revenue, 2009–10
• Chart 16: Composition of Total Expense, 2009–10
• Chart 17: Composition of Program Expense, 2009–10

Chapter III: Reforming Ontario’s Tax and Pension Systems

• Chart 1: Cutting Ontario’s Marginal Effective Tax Rate on New Investment
• Chart 2: Cutting Taxes for Growing Small Businesses

Chapter IV: Borrowing and Debt Management

• Chart 1: Borrowing — All Markets
• Chart 2: Borrowing — Domestic Market
• Chart 3: Debt
• Chart 4: Total Debt Composition
• Chart 5: Net Debt-to-GDP
• Chart 6: Accumulated Deficit-to-GDP
• Chart 7: Net Debt-to-GDP Provincial Comparison
• Chart 8: Net Debt-to-GDP G7 Countries and Ontario
• Chart 9: Effective Interest Rate (Weighted Average) on Debt