News: McGuinty Government Budget Enhances Quality Of Life For Families
MCGUINTY GOVERNMENT BUDGET ENHANCES QUALITY OF LIFE FOR FAMILIES
Budget Bill Provides Property Tax Relief for Low-Income Seniors and Makes Home Ownership More Affordable for First-Time Buyers
NEWS |
May 15, 2008 |
The McGuinty Government is helping Ontarians save money and improve their quality of life.
The budget bill will:
- help first-time home buyers save up to $2,000 of the Land Transfer Tax paid;
- help families save money by not paying the Retail Sales Tax (RST) on certain ENERGY STAR® appliances and bicycles;
provide a new grant to help offset property taxes for low- and moderate-income senior homeowners.
QUOTES
“Our actions demonstrate our commitment to improving the quality of life of all Ontarians,” said Finance Minister Dwight Duncan. “The 2008 budget invests in people and maintains a balanced approach that is prudent and pragmatic.”
QUICK FACTS
- To make home ownership more affordable, first-time buyers of resale homes – as well as newly constructed homes – are eligible for a refund of up to $2,000 of the Land Transfer Tax paid.
- The Senior Homeowners’ Property Tax Grant helps low- and moderate-income seniors offset their property taxes. In 2009, about 550,000 senior homeowners will qualify for a grant of up to $250. The grant will be increased to $500 for 2010 and subsequent years.
- To ensure that as many people as possible have the opportunity to participate we extended the RST exemptions for certain ENERGY STAR® household appliances until 2009 as well as light bulbs, and bicycles purchased for $1,000 or less (and bicycle related safety equipment).
- Ontario’s Five Point Economic Plan positions Ontario for success by:
- Investing in education and skills training
- Keeping taxes competitive
- Moving towards a modern economy by supporting innovation
- Investing in infrastructure
- Supporting economic development by forming key partnerships with the private sector.
LEARN MORE
Learn more about the 2008 Ontario Budget.
Read background information on McGuinty government budget initiatives about improving Ontarian’s quality of life.
Read about the Land Transfer Tax Refund Program.
|
Steve Erwin, Minister’s Office, 416-325-3645 |
ontario.ca/finance-news |
