Minimum wage is now up to $14 in Toronto

Hundreds of thousands of Ontario workers just saw their hourly wages jump from $11.60 to $14 thanks the province's Fair Workplaces, Better Jobs Act, which came into effect Jan. 1.

The new provincial legislation boosts the general minimum wage and mandates that employers offer equal pay for part-time work, among other provisions.

Next year at this time, the minimum wage in Ontario will have increased again to $15 an hour and, after 2019, it'll increase annually at the rate of inflation.

Some business owners have complained that higher minimum wages will impact their bottom lines, going so far as to preemptively raise prices or look at cutting jobs. Ontario, on the other hand, says that the change will benefit citizens and our economy.

"This change will help workers and their families who are struggling to get ahead in a changing economy," reads a press release issued yesterday by the government.

"Supporting workers and their families is part of Ontario's plan to create fairness and opportunity during this period of rapid economic change."

A higher minimum wage is only one of several new provincial rules that came into effect with the new year. Prescription drugs are now free to every Ontario resident under the age of 25 as well.