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.