[RL Tax Joe]

A pretty lack lustre budget. The minimum wage will likely increase unemployment relative to the percentage increase. :blink:



The highlights of yesterday's Ontario budget delivered by Finance Minister Greg Sorbara:

New Ontario Child Benefit for low-income families worth up to $250 a child this year and $1,100 by 2011.

New housing allowance starting in 2008 worth up to $100 a month to help low-income families pay rent.

A 2-per-cent increase for Ontario's disabled and welfare recipients, the first increase in four years.

An additional $25-million for child care, doubling to $50-million in 2008.

Minimum wage to increase 75 cents a year over the next three years to $10.25 by 2010.

Property tax reassessments to be conducted every four years starting in 2009, with any increases phased in over that period.

Business education tax reduced by $540-million over seven years.

Copies a federal initiative to allow seniors to split some kinds of pension income, for a total tax saving of about $170-million this year.

New life income fund allows seniors to access up to 25 per cent of their locked-in retirement funds.

Allocates $125-million to help the environment through initiatives such as home energy audit rebates and planting more than one million trees.

Allocates $18.3-billion in funding to school boards, up $781-million.