How much was Ontario’s cap-and-trade system cost taxpayers?

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Ontario’s governing Liberals covered almost $1 billion in tax credits and other incentives to businesses that received less in financial aid than they were promised and “did not create as many jobs as promised,” Ontario’s auditor general says.

In a report released June 13, Bonnie Lysyk says the Ontario government’s “pay-to-play” system came with a high price. She says subsidies to construction firms for the new Toronto-Waterloo region tunnel cost taxpayers $88 million in forgone revenues and will cost $3.5 billion over 50 years. She says the much-needed New Toronto subway line cost taxpayers $3.6 billion and the government got back $1.5 billion. Lysyk says the OPP was investigating fraud in the program.

Read the full report on Lysyk’s website.

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