Ontario will qualify for the federal government's equalization program and receive $347 million in transfer payments next year, federal Finance Minister Jim Flaherty said Monday after a meeting with his provincial and territorial counterparts.
Although Ontario has qualified under the nearly $12-billion federal wealth-sharing plan five times in the past, the payment will be the first time has received money under the program, which has richer provinces provide funds to poorer provinces to ensure they can provide basic government services.
With its struggling manufacturing sector, Ontario is on the brink of becoming a have-not province, which allows it to qualify for payments. Flaherty, a former Ontario finance minister, said he "regrettably" expects the province to be in a similar position "for some time to come."
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Does this change Ontario's street status within Canada? If you live in Ontario, is this a concern?
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Although Ontario has qualified under the nearly $12-billion federal wealth-sharing plan five times in the past, the payment will be the first time has received money under the program, which has richer provinces provide funds to poorer provinces to ensure they can provide basic government services.
With its struggling manufacturing sector, Ontario is on the brink of becoming a have-not province, which allows it to qualify for payments. Flaherty, a former Ontario finance minister, said he "regrettably" expects the province to be in a similar position "for some time to come."
Full story
Does this change Ontario's street status within Canada? If you live in Ontario, is this a concern?
More...
