The OCC has made a submission as part of the Government of Ontario\’s 2014 pre-budget consultations.
Ontario faces a number of challenges. The debt is approaching $300 billion and our deficit remains high. Economic growth is likely to be sluggish for the foreseeable future.
Addressing the fiscal situation should be the government\’s top priority. As it stands, the province spends more on interest charges than it does on colleges and universities. Those interest charges will only increase as our debt grows and as interest rates rise in the coming years.
Fostering a healthy business climate should also be a top priority. We are concerned at the prospect of several significant policy changes that would harm Ontario’s business climate. These policy changes include, but are not limited to, an increase in energy prices and potential increases in employer pension contributions and corporate income tax rates. Combined, these moves would substantially raise the cost of doing business in Ontario.
This submission outlines five key budget priorities and 11 specific recommendations that we believe the Ontario Government must adopt in order to return to fiscal balance and spur growth in our economy.