Ontario's wish list for the federal budget? Tax cuts and cash for major projects
CBC
Tax cuts and cash for nation building projects are high on Ontario’s wish list for today’s federal budget, as all eyes at Queen’s Park turn to Ottawa for Prime Minister Mark Carney’s first spending plan.
Finance Minister Peter Bethlenfalvy told a business audience on Monday that federal tax cuts could help the economy as the impact of U.S. tariffs becomes more pronounced with each passing week.
“I'd love to see … lower taxes, because for too long out of Ottawa, we saw taxes go up,” Bethlenfalvy said. “We're starting to see that ship turn.”
The federal budget lands just two days before Ontario will deliver its own key fiscal update, the fall economic statement. It also comes as economic uncertainty caused by U.S. President Donald Trump’s trade policy has hurt business investment and Ontario's auto, steel and aluminium sectors.
Bethlenfalvy said he hopes the federal government will cut personal income taxes and follow through on promises to cut HST for first-time homebuyers to address affordability concerns. Ontario announced last week it would cut the sales tax for first-time homebuyers in a bid to help spur stagnant home construction numbers.
But with a federal deficit expected to range somewhere between $50 to $100 billion, it’s difficult to know if the federal government will have the fiscal room for tax cuts. Bethlenfalvy said he thinks it's possible.
“You can be fiscally responsible and generate tax cuts,” he said, stressing it will take policy that focuses on encouraging economic growth. “It’s not either-or.”
That’s why Bethlenfalvy said he’ll also be looking for more details on the federal government’s priority nation building projects. Earlier this year, Ontario submitted a list of projects it wanted Ottawa to consider, including advancing nuclear projects, a tunnel under Highway 401 and developing the mineral-rich Ring of Fire in Northern Ontario.
“This is our opportunity, over the next decade or two, to drive incredible economic prosperity,” he said.
In September, Carney’s government released the list of the first five nation building projects it will support. Ontario’s small modular reactors at the Darlington Nuclear plant made the cut.
Premier Doug Ford said Monday he’s hopeful there will be more details in the federal budget about other projects put forward by the province.
“I'm confident that there's a lot of opportunities for everyone in the country, but especially here in Ontario, we're focused on the Ring of Fire, our energy policy, large scale nuclear,” he said.
“We're going to continue making sure we create the environment and conditions for companies to come and invest in Ontario,” Ford added.
NDP Leader Marit Stiles said she’ll be watching the budget closely for help to address rising unemployment across the province. But she also wants to see the federal government provide targeted funding to help build new homes.
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