The government is going forward with a 10-year plan for the economy, which is focused on investing in people, building modern infrastructure, and supporting a dynamic and innovative business climate. These measures will foster opportunity and security and will ensure that Markham’s businesses and people are in the best position to create new jobs. Moreover, the government will maintain its commitment to balance the budget by 2017-2018, by continuing to manage growth in spending, while ensuring that strategic investments in key public services that grow the economy are made.
“Our government recognizes that investing in public infrastructure is key to keep Ontario moving forward. Strategic investments like the Highway 427 extension from Highway 7 to Major Mackenzie Drive, dedicated rapid transit bus lanes, and the Yonge North Subway expansion are investments in our future - addressing congestion and connecting commuters to job opportunities and valuable time with their families.”
— Michael Chan, M.P.P., Markham-Unionville
Highlights of the plan include:
Although the current global economic climate has provided challenges, Ontario’s economy continues to grow and provide Markham citizens with opportunities to move into new careers and higher paying jobs. The next steps the government will take include:
Transportation and Infrastructure
Ontario’s investments have helped make Markham one of the best places in the world to live, work and invest. Since 2003, Ontario has invested nearly $100 Billion in hospitals, schools, transportation, and infrastructure. These projects have supported an average of 100 000 jobs each year in construction related industries. Examples of these projects in Markham include the expansion of the Markham-Stouffville Hospital and dedicated bus lanes along Highway 7.
The Province projects that the growth in population will result in a significant demand for infrastructure. In order to ensure this challenge is met, the 10 year plan proposes over $130 Billion in infrastructure investments, which is extremely important to Markham as it is one of the faster growing areas in the province.
These investments will create jobs now; boost productivity and help the province grow and prosper.
Securing Ontarians’ Retirement
Studies have shown that Canadians, especially those in the middle class, are not saving enough and need more money for their retirement. To help Ontarians be more secure in their retirement, the government is proposing a new mandatory provincial pension plan — the Ontario Retirement Pension Plan — that would be cost-effective, responsible and help Ontario workers build a more secure retirement future.
The plan would build on the Canada Pension Plan (CPP), and expand pension coverage initially to more than three million working Ontarians who currently rely on the CPP, Old Age Security and their own savings for retirement income.
Creating Opportunities and a Fair Ontario
The government is focused on investing in people today to provide fairness and security for all Ontarians. The 2014 Ontario Budget includes the following measures:
Responsible Fiscal Management
The Province’s deficit for 2013–14 is now estimated to be $11.3 billion — a $0.4 billion improvement compared with the 2013 Budget forecast. This will mark the fifth year in a row that the Province will report a deficit lower than forecast.
Ontario will continue to invest in the things that matter to Ontarians and that will spur growth today and tomorrow.
Ontario’s performance against its fiscal targets to date is the result of a responsible and balanced approach to fiscal management, and the government’s commitment to ensure value for taxpayers’ money by making every dollar count. The government has managed spending in a way that has resulted in lower-than-forecast program expense in each of the last five years.
The government remains committed to balancing the budget by 2017–18.
The 2014 Ontario Budget lays out a plan for a strong Ontario, with more jobs, more opportunity and a more secure future. It will build opportunities right now and for our future.
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