Posted on May 2nd, 2014 in Domestic Tax, General Business

2014 Provincial Budget Commentary

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On May 1, 2014 Finance Minister Charles Sousa tabled his second Budget. It should be noted that the NDP party has made a public statement that they will not support the current budget proposals, so Ontarians will most likely be headed back to the polls.

Below is a summary of the budget provisions as presented but will most likely not be enacted.

The deficit for the 2013-14 fiscal year is projected to be $11.3 billion, which is $400 million less than the amount estimated when the 2013 Budget was tabled. The deficit for the 2014-15 year is projected to be $12.5 billion and the longer-term forecast continues to call for a return to a surplus by 2016-17.

 

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