March 25, 2020, big funding news day all around.
Very close to the time the Senate was passing the Federal government's $107 Billion COVID-19 Emergency Response Act, in Queens Park Finance Minister Rod Phillips (MPP for Ajax) brought forward the province's $17 Billion Mini-Budget "to support people and the economy through the COVID-19 outbreak"
Very close to the time the Senate was passing the Federal government's $107 Billion COVID-19 Emergency Response Act, in Queens Park Finance Minister Rod Phillips (MPP for Ajax) brought forward the province's $17 Billion Mini-Budget "to support people and the economy through the COVID-19 outbreak"
First, from CBC coverage about what happened in Ottawa:
The federal economic aid legislation passed today. Yesterday it was to be $82 billion, but it "increased sharply to $107 billion because the forthcoming emergency response benefit is more generous and will be available to more people."
The $27 billion in direct support payments was bumped to $52 billion, and plus there is the additional $55 billion in tax deferrals.
3 parts of the bill "were removed or amended, notably the sections that granted the government unlimited tax-and-spend powers until the end of 2021. As written, the bill now grants the government unlimited spending power until June 2020. The legislation also includes "sunset clauses," so that parts of the bill come to an end if they're not reauthorized by Parliament through legislation."
"Canadian workers over the age of 15 who have earned more than $5,000 in the last 12 months but are now earning no income because of the COVID-19 pandemic would qualify. Workers, including freelancers, will have access to the CERB even if they do not have access to the current employment insurance (EI) program."
I like the words of Conservative Senate Leader Don Plett spoken in the Chamber today: "Few of us could have imagined being where we are today, but here we are. We are in this together, and together – with God's help – we will get through it."
Second, from TVO coverage about what happened at Queen's Park in Toronto:
►$3.3 billion in new health-care spending, including $1 billion in funding for hospitals to meet emergency needs, $243 million for long-term-care homes, $160 million in public-health spending, and $61 million for vaccines;
►$3.7 billion in supports for people and businesses to contain the economic damage of COVID-19, including doubling the provincial benefit for low-income seniors (GAINS), suspending OSAP payments for six months, and increasing the exemption for the Employee Health Tax so that businesses with a payroll of $1 million and under will not need to pay the EHT until January 1, 2021;
►$10 billion in tax and premium deferrals, delaying both WSIB payments and provincially administered taxes (including tobacco, alcohol, and gasoline taxes) for six and five months, respectively;
►$1.8 billion in property-tax deferrals for municipalities, which will have 90 extra days before disbursing taxes they collect to school boards, giving cities more flexibility with that money; and
►A new corporate income-tax credit, the Regional Opportunities Investment Tax Credit, will give businesses a 10 per cent refundable tax credit for certain investments made outside of Ottawa and the Greater Golden Horseshoe.
The Province is now projecting a $20 billion deficit, nearly triple what it had previously projected for the 2020-21 fiscal year (a deficit of $6.7 billion).
The federal economic aid legislation passed today. Yesterday it was to be $82 billion, but it "increased sharply to $107 billion because the forthcoming emergency response benefit is more generous and will be available to more people."
The $27 billion in direct support payments was bumped to $52 billion, and plus there is the additional $55 billion in tax deferrals.
3 parts of the bill "were removed or amended, notably the sections that granted the government unlimited tax-and-spend powers until the end of 2021. As written, the bill now grants the government unlimited spending power until June 2020. The legislation also includes "sunset clauses," so that parts of the bill come to an end if they're not reauthorized by Parliament through legislation."
"Canadian workers over the age of 15 who have earned more than $5,000 in the last 12 months but are now earning no income because of the COVID-19 pandemic would qualify. Workers, including freelancers, will have access to the CERB even if they do not have access to the current employment insurance (EI) program."
I like the words of Conservative Senate Leader Don Plett spoken in the Chamber today: "Few of us could have imagined being where we are today, but here we are. We are in this together, and together – with God's help – we will get through it."
Second, from TVO coverage about what happened at Queen's Park in Toronto:
►$3.3 billion in new health-care spending, including $1 billion in funding for hospitals to meet emergency needs, $243 million for long-term-care homes, $160 million in public-health spending, and $61 million for vaccines;
►$3.7 billion in supports for people and businesses to contain the economic damage of COVID-19, including doubling the provincial benefit for low-income seniors (GAINS), suspending OSAP payments for six months, and increasing the exemption for the Employee Health Tax so that businesses with a payroll of $1 million and under will not need to pay the EHT until January 1, 2021;
►$10 billion in tax and premium deferrals, delaying both WSIB payments and provincially administered taxes (including tobacco, alcohol, and gasoline taxes) for six and five months, respectively;
►$1.8 billion in property-tax deferrals for municipalities, which will have 90 extra days before disbursing taxes they collect to school boards, giving cities more flexibility with that money; and
►A new corporate income-tax credit, the Regional Opportunities Investment Tax Credit, will give businesses a 10 per cent refundable tax credit for certain investments made outside of Ottawa and the Greater Golden Horseshoe.
The Province is now projecting a $20 billion deficit, nearly triple what it had previously projected for the 2020-21 fiscal year (a deficit of $6.7 billion).