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Cut on corporate tax loopholes: NDP Leader Andrea Horwath

By Jonathan Jenkins, Antonella Artuso, QMIAgency

NDP leader Andrea Horwath. (Toronto Sun files)

NDP leader Andrea Horwath. (Toronto Sun files)

TORONTO - 

Ontario can save billions if it cracks down on corporate tax loopholes, NDP Leader Andrea Horwath said Wednesday.

The New Democrats, who hold the balance of power in the minority Legislature and are being courted by incoming premier Kathleen Wynne, say restricting banks and large corporations from claiming meals, entertainment, telecommunications and company car costs as tax exemptions.

Doing so could bring in an additional $1.3 billion in revenue annually by 2018-19, the party says.

Toughening up corporate tax compliance and restricting the employer health tax credit to small business only would bring another $300 million annually.

The NDP say they’d also like to see the new Wynne government beef up job training programs for youth and move on making it easier for people on social assistance to ease into employment by keeping more of their benefits as they gain work - two ideas Wynne has already said she’s keen on.

Wynne, who is expected to visit the Lt. Gov. early next week and be invited to form a government to replace outgoing Premier Dalton McGuinty, will need support from either the NDP or the Progressive Conservatives if she hopes to get a Throne Speech and budget through the House.

PC Leader Tim Hudak has said he wants to see the government focus on reducing spending and job creation.

The province is now faced with an $11.9-billion deficit.

 


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