On Track For The Economy And Families
Ontario Launches 2011 Progress Report
Ontario's economy is turning the corner and jobs are coming back for our hardworking families. This is thanks to a competitive tax system for businesses -- including the HST, more tax credits for families, and investments in the skills and innovation of Ontarians.
That is just some of the good news found in Ontario's 2011 Progress Report. The annual Progress Report shows the results Ontarians are achieving together.
Key to Ontario's success is tax reform -- including the HST-- which has made the Province a much more attractive place for businesses to invest. Ontario's competitive tax system has helped create 74,000 net new jobs since the HST was introduced.
Ontario has also introduced new tax credits to help families, including:
- The Ontario Sales Tax Credit is helping low to moderate income Ontario families and single people with the sales tax they pay, providing up to $260 for each eligible adult and child in low-to-middle income Ontario families and single people.
- The Ontario Sales Tax Transition Benefit which provided up to $300 for single people and $1,000 for families and single parents.
- The Ontario Energy and Property Tax Credit, which pays up to $900 to help with property taxes and the sales tax on energy.
- The Northern Ontario Energy Credit, which paid eligible families up to $200 to help with 2010 energy costs; single people received up to $130.
The government's plan to help businesses grow, create jobs and get families back to work has helped Ontario weather the global recession and is bringing stability to the economy.
- The average Ontario family saved $355 in income tax this year and every year going forward.
- RBC's most recent economic forecast predicts that in 2011, Ontario will have its highest rate of growth since 2000.
- Investment of $754 million though the Next Generation of Jobs fund leveraged more than $4.2 billion in industry investment and secured 9,184 high-skilled jobs.
“The Ontario economy is turning the corner and our plan has the province on track. There are going to be challenges ahead, but working together we'll keep building Ontario and creating jobs.”