The Ontario Budget was unveiled on May 4 with new tax cuts that are key to continued growth, jobs and prosperity for Ontario.
The government is proposing an additional 20% tax cut to personal income tax over a five year period beginning on July 1 with a 5% reduction in Ontario's personal income tax rate from 40.5% to 38.5% of basic federal tax.
The residential education tax will be reduced by 20% over five years with a first step retroactive reduction of 10% to January 1, 1999.
The land transfer tax refund program for first time home buyers purchasing a newly constructed home would be extended for another year. The maximum refund is $2,000.
Business property taxes will continue to have limits until tax fairness is achieved.
The Retail Sales Tax Rebate for farm building materials will become permanent. A wider range of products purchased for use in farming activities will be exempted from Retail Sales Tax.
A new short form corporate tax return will be designed for small corporations.
Create five new Small Business Enterprise Centres and five new Business Self Help Centres to assist the start up and growth of business in smaller communities.
Thirty-Five million dollars will be provided for a Healthy Futures for Ontario Agriculture Program to help farmers focus on "on farm total quality management" for product quality, food safety and environmental quality.
The government will provide Whole Farm Relief to assist agricultural producers facing dramatic declines in net income.
Funding will be provided to support the employment creation initiatives of Women and Rural Economic Development (WRED).
Five million dollars will be used to establish permanent specialized rural and agriculture crime prevention units.