Ontario Finance Minister Dwight Duncan has announced a number of steps the Government of Ontario will be taking in order to eliminate the province’s $16 billion deficit by 2017-18.
First, the Minister plans to sell and redevelop the LCBO warehouse and head office, located on the waterfront land in Toronto, which would generate over $200 million. A retail store will stay on the site while the headquarters will be moved to another location. The Minister indicated that other provincial assets are under review.
Minister Duncan also hinted that the Ontario Government might delay plans to lower corporate tax cuts to 10 per cent by 2013. The current rate is at 11.5 per cent. Another source of cuts will come from further privatizing services provided by Service Ontario and eliminating horse racing subsidies costing taxpayers $3.4 billion since first initiated in 1998.
To view the announcement, visit the Ontario Government website.