Nipissing’s MPP says there are exciting opportunities for businesses in the province’s fall economic update.
Along with the renewal of the the gas tax cut of 5.7 cents a litre, Vic Fedeli says there’s income tax relief for small businesses.
“About $185 million in tax relief for about 5,500 small businesses,” he says. “You can also accelerate your write-offs of your investments of about $1.5 million.”
Fedeli also says seniors and others are benefiting too.
“Seniors will have their guaranteed annual income, for about 200,000 seniors, will be doubled,” he says. “It brings the maximum increase to about $1,000 per person next year.”
Fedeli also ODSP will be adjusted annually for inflation and they’ve changed the threshold.
When asked about broad enhancements for all Ontarians, Fedeli says we’ll have to see what is included in the province’s fiscal plan in the spring.
“We’ll see in the budget, when the budget comes out. This being sort of economic update, basically a progress report,” he says. “We use this as an opportunity to do a few things like extending the gas tax cut for six months.”
Ontario’s NDP is vowing to keep fighting for urgent investments in health care and education, as well as the cost of living help.
The New Democrats say there is no new money in the government’s economic update for nurses and healthcare workers and less is being spent on education this year.
“They’re flat out wrong, I really wish they would’ve actually read the document,” Fedeli says. “They would see that health spending this year is up $5.6 billion. That’s non-COVID-related, this is pure health spending and education is up $3.6 billion on pure education spending.”
The government will be running a deficit of almost $13 billion this fiscal year, and Finance Minister Peter Bethlenfalvy is warning that the threat of an economic slowdown in the near future is very real.
**With files from Norman Jack
