On May 2, 2013, Minister of Finance Charles Sousa presented the 2013-2014 Ontario budget. On May 21, Ontario New Democratic Party Leader Andrea Horwath announced that her party will support the budget. The minority Liberals need the NDP’s votes to pass the budget, which is a confidence motion. The Budget included changes that could affect Ontario residents’ health, welfare and pension benefits. The Budget took no further action on Pharmacare and drug prices, but presented additional funding for home and community care and for the Comprehensive Mental Health and Addictions Strategy program.
A new $200-a-month earnings exemption was introduced to help welfare recipients keep more of their income. In terms of retirement benefits, the Province announced the development of a framework for both the implementation of PRPPs in Ontario and for single-employer target benefit plans. We present below the main features of this budget with a focus on aspects that may affect private pension and group benefits plans and their members in Ontario.
Click to download Notes on Ontario’s Provincial Budget in PDF format.