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continued from p.20 tion was called. Wynne's promise is to reintroduce the same budget. Since the election, she has emphasized the need for fiscal restraint. Her ally in that regard is the credit rating agencies. If Ontario continues to live beyond its means, our provincial debt of $300 billion will continue to grow. That, with certainty, will downgrade our creditworthiness. We spend $11 billion on interest charges now. That is estimated to increase because we continue to spend more than is collected in taxes. At some point, the current historic low interest rates will rise and that will magnify the problem. If Ontario does not implement sound fiscal policies and we have to pay more to borrow money, the rules of governance change significantly. Action will be needed and that could further stall the Ontario economy. Higher taxes and decreased provincial spending will slow our economy, which reduces tax revenues. It can be a vicious downward spiral. Better financial management is needed 23 | Thursday, June 26, 2014 | OAKVILLE BEAVER | www.insideHALTON.com You have heard the popular expression "the rich get richer." The opposite is true. "The poor get poorer" and many of us will feel the effect if Ontario heads in that direction. We have a lot at stake. Our standard of living would be affected if Ontario does not implement better financial management. The Liberal majority gives them four years to manage our province with no meaningful input from the other two political parties. Does it mean Wynne has a completely free rein on government? No, there are checks and balances built into the system. There is a chaperone in place. The credit agencies hold an incredible amount of power. The future of Ontario is in Wynne's hands. Her effort of good financial management is supported by having to maintain a good credit rating. Hopefully, the province will enjoy economic prosperity to help us all with our own individual financial success. -- Submitted by Peter Watson, MBA, CFP , R.F .P ., CIM, FCSI., Certified Financial Planner Canada's ing car best-sell in a row. 1 6 y e a rs IC DX 2014 CIV WEEKLY $ $ % D OW N T PAY MEN @ IT Y 0 SEC U R EX M ODEL F B2E 2E Mandeville Wealth Services Inc. continues to grow! Mandeville Wealth Services Inc. ("Mandeville") is pleased to announce the appointment of Ernie Romain as Senior Investment Funds Advisor for the Mandeville office in Burlington. Mr. Romain is a recognized leader in Ernie Romain financial planning with over 25 years B.A. M.ED., CFP, TEP of experience creating wealth for individuals, families and companies. Ernie is committed to guiding his clients on their path to financial independence by providing financial plans tailored to each client's individual investment needs and objectives. 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