The budget: five things you need to know

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Here are five things you need to know about the 2024-2025 budget, which was released on Tuesday: 

Few new goodies

If you were hoping this year’s election might tempt the government to offer a tax cut, you’re out of luck. Instead, the government largely leaned on the moves it has already made, including the $300 “affordability” payment, and the emergency food and fuel benefit.

Health spending debate

The government insists it’s going to spend more than $200 million more on health this year, but the devil’s in the details. It’s over $200 million more than it projected it would spend, not what it actually spent. Comparing what was actually spent versus what is planned for the 2024-2025 fiscal year, the difference is less than $2 million. But the Tories insist they’ll have more spending room because the travel nurse contracts will come off Horizon Health Network’s books soon. Vitalité Health Network, however, is a different story. At least one of its contracts runs until February 2026.

Some rent, housing help

While it’s clearly not interested in reinstating the rent cap, the government is offering some help to tenants. The budget includes $22 million for a “direct-to-tenant rental benefit to families and seniors who are in core housing need for affordability reasons.” There’s also $8.9 million more in the rent supplement budget.

Balanced budgets – if they’re re-elected

The Tories are promising that they’ll balance the budgets in 2025-2026 and 2026-2027 – but of course, that depends on the outcome of this year’s election. “The fiscal plan I have outlined today reflects the needs of a growing province, recognizes the volatile times we find ourselves in, and considers the need to remain fiscally responsible over the longer term,” said Finance Minister Ernie Steeves.

Tax cut soon?

While there was nothing in the budget, Steeves hinted that some help might be on the way later this year. But he was anything but equivocal, saying there could be a “tax cut” or some other form of “help.” Then he stopped, leaving reporters wondering whether it will happen this time, or wind up as a repeat of his line in the fall, where he strongly hinted that a tax cut was imminent.