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Ontario Budget Coming

Today the McGuinty provincial government will announce their budget for this year, and so far the only person making any ruckus about it is Jim Flaherty. Jim thinks that since he is a Federal MP from Ontario he can comment on what the Provincial government should and should not be doing in this budget. All in all it makes for a good read, but so far very little substance has been leaked about what might be in this year’s provincial budget, other than more spending, maybe?

Is Ontario so boring that no one cares? I don’t think that is the case, but here are some things I’d like to see in the budget:

  • A stop in the spendthrift attitude of this government, and no you can’t blame the Tories for this any more, you guys have been in power long enough, that YOU are as much to blame as any previous government.
  • A provincial household income or income splitting capability? Yes, I know, I say that every time, you caught me.
  • Lower taxes for businesses, since we need to attract more business to Ontario to keep it strong and free.

Just some ideas, but my guess is nothing like that. Hopefully no tax increases or hidden taxes for us rich folk, would make my day. I have given up on tax cuts, but a real plan to pay down the Provincial Debt would be cool too (or a statement about how it is being paid down).

What to do with a refund?

I think in my case the best thing to do with a refund is take 10% and blow it on something frivolous to enjoy it in some way, and then take the rest and pay down debt. My guess is my debt is my best investment point for the next 10 years, since controlling it and/or lowering it is the main goal of any plan I attempt.

If it suddenly rained money, I might not follow that advice as closely, but I think it is a sound idea. My ability to invest intelligently and pick the right investments aside (and I really am not very good at that), paying down debt is a much easier investment, since it is sitting right in front of me.

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