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Provincial budget highlights


The provincial government tabled the budget today. The theme is "Your Health. Our Priority."


There will be a $160 million deficit this year but next year we will be in a surplus position. Revenue forecasts for 2023-24 are $9.7 billion. Oil price is forecasted at US$86 per barrel. The projected borrowing required for 2023-24 is $1.5 billion.


The main focus of the budget is healthcare with several million dollars allocated for several initiatives.


Individuals

  • For individuals, there will be no new taxes or fee increases. The retail sales tax on home insurance will be eliminated.

  • There will be an 8.05 cent per litre reduction on the price of gasoline and diesel.

  • The Physical Activity Tax Credit will be doubled.

  • Funds will be provided for housing, including construction of more than 850 rental homes. There will be inceases in income support and the seniors benifit.

  • The province will continue the 50 per cent off the cost of registering passenger vehicles, light trucks, and taxis for another year.

  • The government will maintain the home heating supplement that provides up to $500 to residents who currently rely on furnace or stove oil to heat their home.

  • $1.3 million has been allocated to cover the cost of driver medicals for people 75 years of age and older.


Industry and Business

  • Encouraging economic development by increasing the exemption threshold of the Health and Post-Secondary Education Tax from $1.3 million to $2 million.

  • More than $1.1 billion for infrastructure projects.

  • Expanding the All-Spend Film and Video production Tax Credit to 40 per cent.

  • Increasing commission discounts to wine, spirit and cider producers in the province.

  • A Manufacturing and Processing Tax Credit.

  • A green technology tax credit.

  • $140 million for workforce development.

  • $1.5 million to improve air access.


Education

  • Early childhood educators will receive an increase and there has been an addition to the teaching services budget to add more teaching units.


Communities

  • $6 million increase in base funding under Municipal Operating Grants over the next two years – $3 million this year, and another $3 million in 2024.

  • $19.2 million for settlement supports, including those for Ukrainians.

  • $2.2 million to accelerate progress to reach immigration targets.


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