Ontario Deputy Premier and Minister of Finance Jim Flaherty today affirmed the Ontario government’s commitment to supporting economic growth through accelerated tax cuts, and providing low- and middle-income working families with young children with a $100 per child one-time payment.

The government is preparing for third reading of its latest budget measures, also known as the Responsible Choices for Growth and Fiscal Responsibility Act. The Act, if passed, would legislate the accelerated cuts to personal income and corporate income and capital taxes announced earlier this fall by Premier Mike Harris. These cuts, originally planned for January 1, 2002, would come into effect retroactive to October 1.

“Time and again, it has been shown that tax cuts provide the most effective stimulus to the economy,” Flaherty said. “Now, during an economic slowdown, it would be disastrous for us to abandon our tax cutting policy, because we have proven that tax cuts create jobs and increase government revenues.”

The bill would also signal the beginning of mailouts of the $100 one-time, tax-free payments to low- and middle-income working families with children, first announced on November 6. The payments of $100 per child under age seven would be issued to eligible working families to assist them during the current economic slowdown. It is hoped these cheques will be sent to eligible families before the holidays.

If passed, other measures included in the Act would reduce red tape for small business, address the issue of gridlock through the repatriation of GO Transit, encourage the restoration and preservation of heritage properties, and support research and development.

“The measures contained in this bill could not come at a better time,” Flaherty declared. “They would help ensure that the province of Ontario, its citizens, and its businesses remain well-positioned to withstand challenges during the current global economic slowdown.”