Ontario's Plan for Jobs And Growth
McGuinty Government to Introduce Legislation for Job Creation, Tax Cuts and HST
Today, Finance Minister Dwight Duncan will introduce the Ontario Tax Plan for More Jobs and Growth Act, 2009. This legislation is the centerpiece of the McGuinty government's plan to create jobs and return the province to economic growth.
The tax package would provide 93 per cent of taxpayers with a personal income tax cut. It will also offer further help through tax credits for more Ontarians and transitional payments to eligible families and individuals. The tax cuts for business and the Harmonized Sales Tax (HST) would attract business investment and create jobs for Ontario's communities and higher incomes for our families.
The tax cuts and other measures for people would put more money back into the pockets of Ontarians.
- A recent study, Ontario's Bold Move to Create Jobs and Growth, by Jack Mintz, estimates that, within 10 years, the HST, combined with Ontario's proposed corporate income tax rate cuts and other recent tax changes would create 591,000 net new jobs, attract $47 billion in business investment and increase annual incomes by up to 8.8 per cent.
“Today, the McGuinty government is bringing in legislation that would provide 93 per cent of taxpayers with a personal income tax cut and put more money back into the pockets of Ontarians through tax credits and direct payments. Ontario's tax plan, including the HST and tax cuts, would create jobs and help Ontario emerge stronger from this global recession.”