This article was last updated on April 16, 2022
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Ontario’s Liberal government is scheduled to table its annual budget on Thursday afternoon, which most importantly aims to increases taxes for a $29 billion transit and infrastructure plan. A leaked budget document has indicated that the government plans to increase taxes on “higher-income earners,” although it did not specify who falls into that category. In addition to that, the leaked document did not even elaborate on the size of the tax hike.
The NDP has previously supported the Liberals with their last two budgets demanding several important last-minute changes, but it still remains unclear whether Andrea Horwath plans to do so this time. Residents should expect tobacco taxes to be increased in the budget, while a tax increase on aviation fuel of four-cent-per-litre is also anticipated to be phased in over four years. All these tax increments are different ways that the Liberal government plans to pay for a recently announced 10-year, $29-billion plan for transit and infrastructure. Out of which, half of the funding will be channeled to projects in the GTA and Hamilton, while the other half will be directed to projects in the rest of the province.
In her previous statements, Premier Kathleen Wynne has promised that she will not raise taxes on middle-income earners and does not plan to increase HST or gas tax rates. There are considerable chances that Thursday’s budget turns out to be the beginning of the end for the minority Liberal government if neither opposition party supports the document.
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