CMA Ontario supports the Ontario government's 2013 budget that drives difficult but necessary conversations in advancing Ontario's economy
TORONTO - The Certified Management Accountants of Ontario (CMA Ontario) applauds the Government of Ontario for delivering a budget that tackles tough issues yet continues to stay the course in eliminating Ontario's deficit.
This year's budget highlights the estimated deficit at $9.8 billion - a $5 billion improvement compared with the 2012 budget forecast. As a result, to continue the success in eliminating the deficit, this year's budget focuses on investments that will have positive impacts for future generations and in areas of most need.
"We support the direction the government's budget is taking and commend Premier Wynne and Minister Sousa for facing difficult issues head on," says Merv Hillier, MBA, MSc HRM, CPA, FCMA, C.Dir., CMC, President and Chief Executive Officer of CMA Ontario. "Ontario has some difficult decisions to make towards improving our prosperity and competitiveness. This budget sets the tone for renewed inspiration, continued conversations and achievable solutions."
Highlights of the 2013-14 Ontario Budget include:
• A Youth Jobs Strategy consisting of $295 million over two years generating 30,000 job opportunities for youth.
• To help economic renewal, the Ontario government will extend capital cost allowance for machinery and equipment to $265 million over three years.
• In terms of transit infrastructure, while the government awaits funding recommendations from Metrolinx, it has committed to converting high occupancy vehicle lanes to high occupancy toll lanes. It is also committed to continuing its funding of $35 billion of three years of which $13.5 billion will be allocated in 2013-14.
• Acknowledgement that the cost of Ontario business tax credits is growing at a level that cannot be sustained, and that the government will receive advice within the next six months that will provide insight into the future of these programs and ensure that they are producing effective results that promote productivity and create jobs.
In addition, the budget supports the recommendations as laid out in the Drummond Report and commits to moving forward on 60 per cent of the recommendations this year.
Forty-two per cent of CMA Ontario members responded recently in a pre-budget survey that deficit reduction and activities to address the deficit continue to be their top priority. In addition, CMA Ontario members identified support for Toronto Region transportation infrastructure funding with highway tolls and high-occupancy toll lanes being the most favoured funding options.
The Certified Management Accountants of Ontario is a self-governing professional organization that awards the Certified Management Accountant (CMA) designation to qualified candidates in Ontario. With approximately 25,000 members, CMA Ontario is an integral part of a profession that is 50,000 members strong across Canada and around the world. CMA Ontario maintains rigorous standards of accreditation and professionalism in management accounting to protect the public interest.