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The Ontario Financing Authority, which manages the provinces' debt, says that as of March 31, 2020 (for the 2019-20 fiscal year), the Ontario government's net debt is CDN $353.3 billion. [3] Net debt is projected to rise to $398 billion in 2020-21. The Debt-to-GDP ratio for 2019-2020 was 39.7%, and is projected to rise to 47.1% in 2020-21. [6]
The equalization formula is "based on a three-year average of economic growth". Since the 2008 recession, the Ontario economy got stronger which resulted in lower equalization payments. In 2012–2013 Ontario's equalization payments increased to a peak of $3.3-billion. It was projected to be $2-billion in 2014–2015.
In 2016-17, cash transfer payments from the federal government to the provinces and territories were $36.1 billion and tax point transfers were worth -$4.3 billion. The Canadian Health Transfer increases in line with a three-year moving average of nominal GDP growth, with funding guaranteed to increase by at least 3.0 per cent per year.
To calculate the costs of these practices the organization publishes yearly reports. The 2018 report shows that on average taxes make 33% of the pump price for gasoline and 30% diesel. It also shows that tax-on- tax on gas costs an extra 3 cents per liter on average, allowing governments to rake in an additional $1.84 billion in revenue.
November 4, 2005 – The Attawapiskat First Nation and De Beers Canada Inc. are unanimous in their decision to sign an Impact Benefit Agreement with De Beers Group to break ground on Ontario's first diamond mine. The mine began construction in early 2006 at a cost of approximately $982 million.
The Ontario Health Premium (OHP) is a component of Ontario's Personal Income Tax system. The OHP is based on taxable income for a taxation year. As of May 2010, an Ontario resident with taxable income (i.e., income after subtracting allowable deductions) of $21,000 pays $60 per year. With a taxable income of $22,000, the premium doubles to $120.
] Nortel pensioners face benefit cuts of as much as 43 per cent, depending on their province of residence and where they worked for Nortel, which filed for protection from creditors in January 2009. In Ontario: unionized members will get 75 per cent of their non-indexed pensions; non-managerial staff will get 70 per cent. Outside Ontario:
If you bought every item on this list instead of buying the similar products from Kroger, you could save $92.91 in just one trip to Costco, which more than makes up for the $60 membership fee. And ...