Four things you need to know about Ontario budget

Ontario Finance Minister Charles Sousa (R) delivers the provincial budget as Ontario Premiere...

Ontario Finance Minister Charles Sousa (R) delivers the provincial budget as Ontario Premiere Kathleen Wynne looks on at Queens Park in Toronto, May 1, 2014. REUTERS/Mark Blinch

Canoe.ca

, Last Updated: 12:38 PM ET

Kathleen Wynne’s Liberal government released their budget May 1st. Here’s some of the highlights that will impact Ontarians if the budget passes.

  • Smokes are getting more expensive.

Tobacco prices are set to rise $3.25 to $27.95 due to a tax increase. This comes after the federal budget outlined plans to increase prices by $4 per carton, earlier this year. Despite cops fighting a battle against illegal smokes and contraband tobacco smuggling in the province.

 

  • Aviation fuel taxes will soar by 248%

Airlines will feel the burden of higher fuel costs with an increase of four cents per litre over four years. Seems like a small increase, but frequent flyers could see the price of their flights jump as a result.

 

  • Increased taxes for “higher-income workers”

The threshold for the highest tax bracket drops from $514,090 to $220,000. Those earning more than $220,000 per year will pay $5,500 more in provincial income taxes. Those making between $150,000 and $220,000 per year will pay $450 more.

 

  • Investing in schools

There will be full-day kindergarten for all four and five-year-olds by September. The Liberals estimate families will save up to $6,500 a year per child on child-care costs.
And if you live in densely-populated areas such as Brampton, Milton and Ancaster, expect to see new schools. The province will be investing $11 billion over the next 10 years to build new elementary and secondary. School breakfast and lunch programs will also benefit to the tune of $32 million.


Videos

Photos