Ontario Budget 2008: Papers
Table of Contents
Foreword
Chapter I: A STRONGER ONTARIO
Section A: A Stronger Ontario: Building Skills and Creating Jobs
- I. Investing in Skills and Knowledge
- II. Investing in Infrastructure for a Stronger Ontario
- III. Enhancing Ontario’s Competitiveness
- IV. Strengthening the Environment for Innovation
- V. Forming Key Partnerships to Strengthen Ontario
Section B: Stronger Communities: Investing in Municipal Infrastructure
and Communities
- Investing in Municipal Infrastructure
- Investing in Economic Infrastructure
- Building Stronger Communities
- Partnering with Municipalities
- Protecting and Improving Ontario’s Natural Environment
Section C: A Better Future for Families: Improving Quality of Life
Section D: A Smarter Ontario: Excellence in Publicly Funded Education
- Higher Levels of Student Achievement
- Reduced Gaps in Student Achievement
- Increased Confidence in Publicly Funded Education
- Helping More People Go On to Higher Education
Section E: A Healthier Ontario: Strengthening Health Care for the Future
Section F: Need for a Strong Federal Partner to Support Ontario Workers
and Industries
- Overview
- Helping Ontario Workers
- Supporting Ontario Manufacturers
- Supporting Ontario’s Infrastructure
- A Fair Share of Federal Funding
Chapter II: Ontario’s Economic Outlook and Fiscal Plan
Section A: Overview
Section B: 2007–08 Interim Fiscal Performance
Section C: Ontario’s Economic Outlook
- Outlook for Strengthening Ontario Economic Growth
- Challenging External Economic Environment
- Ontario’s Resilience in the Face of Global Economic Challenges
- U.S. Growth Set to Strengthen in the Second Half of 2008
- Oil Prices Expected to Remain High
- The Canadian–U.S. Exchange Rate Around Parity
- Ontario’s Exports to Overcome Short-Term Challenges
- Interest Rates Lower in 2008
- Inflation Expected to Drop in 2008
- Continued Strong and Resilient Domestic Economy
Section D: Ontario’s Revenue Outlook
- Uncertainty in Forecasting Corporations Tax Revenue
- Sources of Medium-Term Revenue Change Since 2007 Ontario Budget
- Potential Risks to Provincial Revenue
Section E: Ontario’s Medium-Term Expense Outlook
Section F: Ontario’s Fiscal Plan
- Medium-Term Fiscal Outlook
- Key Elements of Ontario’s Medium-Term Fiscal Plan
- Fiscal Prudence
- Risks and the Fiscal Outlook
Section G: Accountability, Transparency and Financial Management
- Investing Unanticipated Year-End Surpluses
- Strengthening Accountability for Government Transfer Payments
- Public Service Efficiencies
- Improving Transparency in Financial Reporting
Section H: Details of Ontario’s Finances
Chapter III: Tax Support for Families and Business
- Overview
- Investing in People and Communities
- Senior Homeowners’ Property Tax Grant
- Ontario Property and Sales Tax Credits for Seniors
- Tax-Free Savings Account (TFSA)
- Transfers from Family Farm Corporations
- Retail Sales Tax (RST) Exemption for Newspapers
- RST Exemption for Destination Marketing Fees
- RST Exemption for Admissions to Live Theatres of Not More than 3,200 Seats
- Supporting an Innovative Economy
- Lowering Costs for Business
- Promoting a Healthy Lifestyle and Environment for Ontarians
- Paralelling Federal Tax Measures
- Corporate Tax Harmonization and Simplification
- Technical Measures
- Implementing the Tax Measures Announced
in the 2007 Economic Outlook and Fiscal Review - Other Technical Amendments
Chapter IV: Borrowing and Debt Management
Glossary
List of Tables
Chapter I: A Stronger Ontario
- Table 1: Metrolinx Transit Projects
- Table 2: Maximum Annual Ontario Child Benefit Payment
- Table 3: Property Tax Grant
- Table 4: Investments in the Health Sector
Chapter II: Ontario’s Economic Outlook and Fiscal Plan
- Table 1: 2008 Budget — Numbers at a Glance
- Table 2: 2007–08 In-Year Fiscal Performance
- Table 3: Summary of In-Year Changes to Revenue in 2007–08
- Table 4: Summary of In-Year Expense Changes in 2007–08
- Table 5: Ontario Economic Outlook
- Table 6: Private-Sector Forecasts for Ontario Real GDP Growth
- Table 7: Impacts of Changes in Key Assumptions on Ontario Real GDP Growth
- Table 8: Canadian Interest Rate Outlook
- Table 9: The Ontario Economy, 2005 to 2010
- Table 10: Changes in Key Economic Forecast Assumptions,
2007 Budget Compared to 2008 Budget - Table 11: Summary of Medium-Term Outlook
- Table 12: Personal Income Tax Revenue Outlook
- Table 13: Corporations Tax Revenue Outlook
- Table 14: Summary of Medium-Term Revenue Change Since 2007 Budget
- Table 15: Selected Economic and Revenue Risks and Sensitivities
- Table 16: Selected Expense Risks and Sensitivities
- Table 17: Selected Compensation Costs
- Table 18: Medium-Term Fiscal Plan and Outlook
- Table 19: Medium-Term Fiscal Plan and Outlook
- Table 20: 2008–09 Fiscal Outlook
- Table 21: Revenue
- Table 22: Total Expense
- Table 23: Other Expense
- Table 24: 2008–09 Infrastructure Expenditures
- Table 25: Ten-Year Review of Selected Financial and Economic Statistics
- Table 26: Support for Health Care, Charities, and Problem Gambling and Related Programs
- Table 27: Support for Agricultural Sector and Municipalities
Chapter III: Tax Support for Families and Business
- Table 1: Proposed Senior Homeowners’ Property Tax Grant —
Typical Grant Amounts and Existing Property Tax Credits - Table 2: Ontario’s Accelerated Capital Tax Elimination Plan with Proposed Initiatives
- Table 3: Northern Ontario Business Education Tax Annual Ceiling Rates
- Table 4: Northern Ontario Business Education Tax Cuts
- Table 5: 2008 Budget Impact Summary
Chapter IV: Borrowing and Debt Management
- Table 1: 2007–08 Borrowing Program: Province and OEFC
- Table 2: Medium-Term Borrowing Outlook: Province and OEFC
- Table 3: Net Debt and Accumulated Deficit — Interim 2008
- Table 4: Debt Maturity Schedule — Interim 2008
- Table 5: Medium-Term Outlook — Net Debt and Accumulated Deficit
- Table 6: Derivative Portfolio Notional Value — Interim 2008
List of Charts
Chapter I: A Stronger Ontario
- Chart 1: New Apprentices
- Chart 2: Financial and Professional Business Services: Growing Faster than the Economy
- Chart 3: Employment in Entertainment and Creative Industries
Growing Faster than in Rest of Economy - Chart 4: Employment in Entertainment and Creative Industries
Growing Faster than in Rest of Economy - Chart 5: Operating Support to Municipalities Is Increasing
- Chart 6: Supporting Families Receiving Social Assistance
- Chart 7: 2008–09 Program Expense
- Chart 8: Education Sector Investment
- Chart 9: Grants for Student Needs — School Year
- Chart 10: High School Graduation Rates
- Chart 11: 2008–09 Program Expense
- Chart 12: Health Sector Investments
- Chart 13: Medical School Expansion in Ontario
- Chart 14: Cumulative Change in Health-Related Revenues and Expenses,
2003–04 to 2010–11 - Chart 15: Low EI Coverage for Ontarians
- Chart 16: Ontarians Do Not Receive Fair Treatment
Chapter II: Ontario’s Economic Outlook and Fiscal Plan
- Chart 1: Ontario’s Strong Fiscal Performance
- Chart 2: U.S. Real GDP Growth
- Chart 3: Crude Oil Prices
- Chart 4: Canadian Dollar
- Chart 5: Ontario’s International Merchandise Export Share
- Chart 6: Ontario CPI Inflation
- Chart 7: Ontario Employment
- Chart 8: Ontario Housing Resale Market
- Chart 9: 2006–07 Corporations Tax Revenue Variance from Forecast
- Chart 10: Surplus Allocation Examples
- Chart 11: Composition of Revenue, 2008–09
- Chart 12: Composition of Program Expense, 2008–09
- Chart 13: Composition of Total Expense, 2008–09
Chapter III: Tax Support for Families and Business
Chapter IV: Borrowing and Debt Management
- Chart 1: Borrowing — All Markets
- Chart 2: Borrowing — Domestic Market
- Chart 3: Debt
- Chart 4: Net Debt-to-GDP
- Chart 5: Accumulated Deficit-to-GDP
- Chart 6: Total Debt Composition
- Chart 7: Net Interest Rate Resetting Exposure
- Chart 8: Foreign Exchange Exposure
- Chart 9: Debt Maturities
- Chart 10: Effective Interest Rate (Weighted Average) of Debt
