Ontario's Fall Economic Statement is targeting young families with a few initiatives to help with home buying and childcare.
During his speech in front of the Ontario Legislature Monday, Finance Minister Charles Sousa announced eligible first-time home buyers can get a land transfer tax refund up to $4,000 starting in January. That's up from the previous maximum of $2,000. First-time buyers also won't have to pay the land transfer tax on the first $368,000 of their home.
The province says it's also investing $65.5-million this school year to help open 3,400 "early childcare spaces," and another $32.4-million over four years to assist small and medium-sized businesses in their Scale-Up voucher program.
Starting January 1, the province will also rebate 8% of the provincial portion of the HST from electricity bills for "eligible residential consumers, small businesses and farms." Officials estimate that around five-million residents will benefit from the rebate.
Despite the funding announcements, the Ontario Government is still confident it will produce a balanced budget over the next two years. The economic statement also says the current provincial deficit sits at $4.3-billion.
Other highlights from the statement include $85-million being invested in Ontario's dementia strategy, the banning of door-to-door marketing of water heaters, furnaces and air conditioners, as well as an additional $140-million being invested in public hospitals.
