Provincial Budget to be introduced next week

 

The legislature resumed earlier this week and MPPs are back in Toronto. It’s an exciting time of year at Queen’s Park especially as the Minister of Finance announced the government would be introducing its budget next Thursday.

During the pre-budget consultation process OREA made the following recommendations to the Minister of Finance and the Standing Committee Finance and Economic Affairs:

Maintain the government’s commitment to exclude the municipal land transfer tax as a municipal revenue tool.
Modernize the land transfer rebate program for first-time home buyers.
Include a home energy audit in the definition of a voluntary, standard home inspection.
Permit real estate salespeople to incorporate their businesses by making the necessary legislative changes to the Real Estate and Business Brokers Act, 2002.
Encourage brownfield redevelopment by creating a new tax category for brownfield properties that are under remediation.
Exempt the self-employed from the Ontario Retirement Pension Plan.

At an address to the Economic Club of Canada, the Minister indicated that Ontario is on track and committed to eliminating its $7.5 billion deficit by 2017-18.

The Minister also announced the government plans to delay the implementation of the Ontario Retirement Pension Plan to allow businesses more time to prepare. This new timeline also gives Ontario more time to negotiate the modernization of the Canadian Pension Plan with Ottawa.

Stay tuned for more on the budget and what it means for Ontario REALTORS®.

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Provincial Budget to be introduced next week