On February 25, 2016, Ontario Finance Minister Charles Sousa presented the 2016 Ontario Budget, Jobs for Today and Tomorrow (the “Budget”). This budget focuses on a series of initiatives to help strengthen retirement security in the province. The Budget includes boosts to health spending in a number of areas, raises the cost of some drugs for seniors, and eliminates the Children’s Activity Tax Credit. The projected deficit will be $4.3 billion in 2016-17, with the government still expecting to be able to eliminate the deficit by 2017-18. This memo will highlight a number of items that may be of interest to plan administrators, employers and employees.
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