Allegations infer Ontario finances are mishandled, writes Peter Watson.
There is an allegation that the Ontario Conservative government used public funds to advertise and promote their political party versus for the good of the public. Ontario’s auditor reported that Ontario spent $103 million on government advertising which is three times more money than it spent the previous year. This information was reported by CBC.
The auditor said the majority of advertising campaigns were more partisan supporting the Conservative party versus informing Ontario residents of provincial issues.
Unfortunately, this type of blatant mismanagement is rampant in our country. Politicians make decisions that in my opinion are in their best interest and not in the best interests of taxpayers.
Financially, Ontario is a powerhouse. We have a lot going for us and for that we can be proud. But the reality is our provincial government spends more money than it takes in taxes and our debt continues to climb.
My recent article criticizing the federal Liberal government for offering a brief GST holiday that was announced as a generous gift to acknowledge many struggle keeping up with the cost of living difficult.
The way that public money is spent by politicians is vastly different that how money is spent by business.
If senior business leaders overspent their company’s money during times that they have significant negative cash outflows and mounting debt, there would be serious consequences.
Most likely they would be fired. Likely immediately.
Canada and many of the provinces are not dealing from a position of financial strength. Strong fiscal management is necessary.
This allegation from Ontario’s auditor is a serious pushback on how our province is mismanaging its finances.
Peter Watson, of Watson Investments MBA, CFP®, R.F.P., CIM®, FCSI offers a weekly financial planning column, Dollars & Sense. He can be contacted through www.watsoninvestments.com
