Sunday, April 2, 2023
No Result
View All Result
  • বাংলা সংস্করণ
Shomporko
Advertisement
  • Home
  • News
    • Daily News
    • Feature
    • Sports
  • CANADA
    • Canada Daily
    • Community News
    • Canada Politics
    • Canada Economy
    • Canada Health
  • Global
  • Bangladesh
  • Interview
  • Article
    • Analytical
  • LITERATURE
    • Story
    • Poem
  • Opinion
    • Columnists
  • More
    • Food & Beverage
    • HISTORY
    • Kids Page
    • Travel
    • HOME DECOR
    • Video
    • Social Media
    • Festival
  • Home
  • News
    • Daily News
    • Feature
    • Sports
  • CANADA
    • Canada Daily
    • Community News
    • Canada Politics
    • Canada Economy
    • Canada Health
  • Global
  • Bangladesh
  • Interview
  • Article
    • Analytical
  • LITERATURE
    • Story
    • Poem
  • Opinion
    • Columnists
  • More
    • Food & Beverage
    • HISTORY
    • Kids Page
    • Travel
    • HOME DECOR
    • Video
    • Social Media
    • Festival
No Result
View All Result
Shomporko
No Result
View All Result
Home Canada Daily

Ontario NDP plan to run deficits for six years, cancel gas tax cut

by Shomporko Online News Desk
May 15, 2022
in Canada Daily, Dailynews
0
Ontario NDP plan to run deficits for six years, cancel gas tax cut
0
SHARES
6
VIEWS
Share on FacebookShare on Twitter

If elected, Ontario’s New Democrats have promised to run higher deficits than the Progressive Conservatives and Liberals, and to not balance the budget for at least six years, but the party is hoping to save money by canceling a gas tax cut.

This vow, which comes as gas prices have reached $2 per litre, is estimated to save $600 million in the first year by reversing a move by the Progressive Conservative administration to temporarily decrease gas costs.

The provincial component of the gas tax will be reduced by 5.7 cents per litre starting July 1 and will endure for six months.

New sources of revenue in the NDP costing released today include gaining $2.4 billion in the third year from increasing the corporate income tax rate, $1.9 billion the same year from changing capital gains rules and nearly $600 million from increasing taxes on people earning over $220,000. The party would also reallocate billions in contingency funds.

The largest expenditures in the NDP plan include $8.6 billion by the third year to double welfare and disability support payment rates, $1.8 billion in revenue from a proposed cap-and-trade system directed to rural, northern and low-income families, and $940 million in year three to enact universal mental health coverage.

It all adds up to a plan that would see a nearly $21.5-billion deficit the first year – higher than the Progressive Conservative plan of $19.9 billion – followed by a deficit of $18.4 billion in year two and just over $13 billion in the third year.

The costing document doesn’t go beyond a third year, as party officials say projections that far out get “hazy,” but they expect they could balance in 2028-29.

The Liberals say they would run a higher deficit than the PCs plan in year two, but would balance a year sooner than the Tory projection of 2027-28.

The NDP costing comes 20 days after the party released its platform except for the finances, and 17 days after the PC government budget on which the New Democrats said they needed to base their calculations.

The party says their plan would protect middle-class families from tax and fee hikes, ensure the wealthiest people and corporations pay their fair share and make life better for everyone.

New Democrats have proposed a “Green New Democratic Deal,” their environmental plan that they say is a standalone plan, funding promises through revenue from a promise cap-and-trade system.

A projected $4.6 billion by the third year of that system would go toward home energy retrofits, cover half of municipalities’ net transit operating costs and a rebate for electric vehicles, as well as returning a quarter of the money to residents disproportionately impacted by carbon pricing.

Source_ The Canadian Press

Previous Post

Ontario reports lowest number of people in intensive care with COVID-19 since December

Next Post

York police release video of brazen carjackings as they warn drivers about spike in violent incidents

Shomporko Online News Desk

Related Posts

NORAD says storm won’t slow Santa’s travels
Canada Daily

NORAD says storm won’t slow Santa’s travels

December 25, 2022
Catholics return to GTA churches for full-capacity Christmas masses
Canada Daily

Catholics return to GTA churches for full-capacity Christmas masses

December 25, 2022
List of GTA school cancellations during holiday winter storm
Canada Daily

List of GTA school cancellations during holiday winter storm

December 23, 2022
Toronto could still be digging out from major winter storm on Christmas Day, city officials warn
Canada Daily

Toronto could still be digging out from major winter storm on Christmas Day, city officials warn

December 23, 2022
Popular arena in the Junction to close unexpectedly for months due to emergency roof repairs
Canada Daily

Popular arena in the Junction to close unexpectedly for months due to emergency roof repairs

December 22, 2022
Woman, child seriously injured after being hit by vehicle in Cedarvale
Canada Daily

Woman, child seriously injured after being hit by vehicle in Cedarvale

December 22, 2022
Next Post
York police release video of brazen carjackings as they warn drivers about spike in violent incidents

York police release video of brazen carjackings as they warn drivers about spike in violent incidents

Logo

Disclaimer:

The editorial team is not responsible for the content of the writing.

Publisher and Editor
Sonia Hoque

General Manager

Rewrite-Man

Reporter

Graphics
Mozammel Sarkar

Address:

Shomporko Magazine

59 Byng ave
Scarborough,
Ontario
M1L3N8

Phone :647-686-5432

 

Email: 
shomporko.magazine@gmail.com
2537765 Ontario Ltd

© 2020 Shomporko – Magazine Develop by RMITtech

No Result
View All Result
  • Home
  • NEWS
    • Daily News
    • Feature
    • Global
    • Politics
    • Sports
  • CANADA
    • Canada Daily
    • Community News
    • Canada Politics
    • Canada Economy
    • Canada Immigration
    • Canada Education
    • Canada Health
    • Canada Opinion
  • GLOBAL
  • INTERVIEW
  • ARTICLE
    • Analytical
  • LITERATURE
    • Story
    • Poem
  • OPINION
    • Opinion
    • Columnists
    • Legal Advice
  • ARTS
    • Home Decor
    • Sports
  • LIVING
    • Health
    • Food
    • Travel
    • HISTORY
    • Kids Page
  • MORE
    • Video
    • Social Media
    • Festival
  • বাংলা সংস্করণ

© 2019 Shomporko - Magazine Develop by RMITtech.

Translate »