Province Introduces Legislation to Build Ontario Up for Everyone
Proposed Changes Would Help First-Time Homebuyers
The province is building Ontario up for everyone by introducing legislation that would make housing more affordable, strengthen consumer protection, and support economic growth.
Today, Minister of Finance Charles Sousa introduced the Building Ontario Up For Everyone Act (Budget Measures), 2016. If passed, the proposed changes would support the government's plan to help people in their everyday lives while following its path to a balanced budget next year and the year after.
Proposed changes include:
- Helping more people purchase their first home by doubling the maximum Land Transfer Tax refund to $4,000 for eligible first-time homebuyers as of January 1, 2017.
- Establishing the initial parameters for the Financial Services Regulatory Authority of Ontario, a new independent and flexible regulator of financial services and pensions that would be more consumer-focused and improve protections for consumers, investors and pension plan beneficiaries.
- Extending Ontario Securities Commission whistleblower protections to employees who provide information about possible contraventions of Ontario commodity futures law.
- Requiring the heads of most regional municipal councils to be directly elected by voters, strengthening democratic representation at the local level.
- Improving margins for spirit manufacturers selling at their on-site stores through tax changes and helping them attract new customers and grow their businesses through promotional distribution
The new proposed Building Ontario Up for Everyone Act (Budget Measures), 2016 is part of our plan to create jobs, grow our economy and help people in their everyday lives.
- The proposed legislation would amend 27 statutes, create four new statutes and repeals three others.
- Ontario released the 2016 Ontario Economic Outlook and Fiscal Review on November 14.
- The upgrade of Ontario's credit outlook to stable by Moody's and the confirmation of the its credit ratings by Fitch, S&P and DBRS reflect rating agencies' confidence in the province’s plan to grow Ontario's economy and create jobs.
“Today’s proposed changes reflect the decisions we are making to help people in their everyday lives. This bill, if passed, would support commitments made in the 2016 Ontario Economic Outlook and Fiscal Review to provide everyone opportunities to realize their full potential while contributing to Ontario’s economy and society for today and tomorrow.”