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The Minister of Finance, Victor Fedeli, presented the 2019-2020 Ontario budget in the Legislative Assembly this afternoon. This year’s budget is projected to be a deficit and is focused on health care, child care, and education.
Pricing carbon is one of the strategies by which Canada plans to achieve a low-carbon economy. Provinces and territories that have not designed their own carbon pricing system or have put systems in place that do not meet the benchmarks set by the federal government will be subject to the federal “backstop” scheme. The Greenhouse Gas Pollution Pricing Act, 2018 (the Act) allows the federal government to designate any province or territory as a “listed province” and apply the backstop in that jurisdiction.
At Deloitte, we believe that Budget 2019 will provide the Government with an opportunity to drive business performance and improve economic prosperity for all Canadians. As discussed in Deloitte’s Economic Outlook: Singing the Late Cycle Blues, Canada has experienced modest growth in 2018, but economic growth is expected to be weaker going forward as Canada is in the later stages of the business cycle.
