What to expect from Ontario’s budget

Don't expect many surprises in Thursday's government budget in the province of Ontario.

That's because a lot of details have already been leaked to media sources.

Here's some of what we can expect, according to those sources:

- An income tax increase for those who earn greater than $150,000

- No new gas taxes or increases to the HST

- $29 billion, over 10 years, in transit and transportation investments

- Some Government of Ontario 'asset sales'

- A tax hike on aviation fuel

- An increase in tobacco taxes

- A rolling back of tax credits for corporations

- Personal support workers who take care of elderly will get a $4 pay increase over the next two years: from $12.50/hour to $16.50/hour.

- An infusion of $2.5 billion, over 10 years, for a “Jobs and Prosperity Fund”. The fund will dole out corporate grants to attract business to the province. (Source CTV News)

- A cut in the “debt retirement charge” which currently appears on Ontarians Hydro bill. (Source CTV News)

- An initial role out of an Ontario Pension Plan

The leaked items have incited early reaction typically saved for once the budget is tabled the legislature.

The Ontario Progressive Conservative Party got to work on Wednesday releasing internal government documents suggesting that the Ontario Pension Plan — which they call a payroll tax — will result in thousands of job losses.

"If jobs are the top issue in the province, we need to lower taxes to create jobs, not increase them," PC leader Tim Hudak said in a statement.

"Guess which tax they said would have the biggest negative impact on job creation? The new payroll tax. They said in fact for every $2 billion in increased taxes, that’s going to cost 18,000 jobs. For a new pension plan, that’s going to mean 150,000 new people out of work."

[ Related: Election buzz heats up in Ontario as Wynne releases two new attack ads ]

The Canadian Taxpayers Federation's Candice Malcolm says that, from what's she's seen, the Wynne government isn't doing enough to tackle Ontario's debt and deficit problem.

"They're supposed to be getting the budget down and under control so it's balanced in 2017/2018 and it looks like we're headed in the opposite direction," Malcolm told Yahoo Canada News suggesting that the tax increase on those who earn more than $150,000 isn't going to be as lucrative as the government might think.

"I've seen an even larger forecasted deficit than last year. More and more money being borrowed. And going on to the debt -- in Ontario it's kind of scary, our interest on the debt is already the third largest expense. And this government just doesn't get it. They're just borrowing and spending like there's no tomorrow."

[ Related: Ontario to hike taxes on high incomes, tobacco and aviation fuel: document ]

Being in a minority position, the Liberals will need the support of the New Democrats' to pass the budget.

While leader Andrea Horwath remains tight-lipped, there are some indications that her party will join the Tories to defeat the bill and force an election.

On their website, the NDP have added a new page asking visitors to "make a winning campaign possible."

"Your generous contributions will help hire organizers on the ground, print election materials, buy ads and signs, and develop a strong online presence that will get our message out to every voter in the province," their website page notes.

There have also been reports about the NDP holding intensive campaign workshops in Toronto.

Moreover, according to a tweet by the Toronto Star's Robert Benzie, Horwath has been snubbing the premier.

".@Kathleen_Wynne says @andreahorwath has been refusing to meet with her since Feb," Benzie wrote.

" @timhudak met with premier earlier this spring"

Get ready political junkies, the next couple of weeks are going to be very interesting.

(Photo courtesy of The Canadian Press)

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