Ontario’s recently released fall economic statement projects a $5.6 billion deficit in 2023-24 and $5.3 billion in 2024-25 followed by a surplus of $0.5 billion in 2025-26.
“Our population is growing, jobs are being created and more and more companies are choosing Ontario as a place to do business,” Finance Minister Peter Bethlenfalvy said in a statement. “While this is good news, this cannot be taken for granted at a time of geopolitical and economic uncertainty.”
“The choice for the road ahead is clear. We must continue with our government’s targeted approach — it has the flexibility we need while still investing to build the critical infrastructure to support growing communities across Ontario,” he added
Highlights of the 2023 Ontario Economic Outlook and Fiscal Review include:
- Launching the Ontario Infrastructure Bank, a new arms-length, board-governed agency to enable public-sector pension plans and other trusted institutional investors to participate in large-scale infrastructure projects across the province. At the outset, projects will be focused on long-term care homes, affordable housing and infrastructure in the municipal, community, energy and transportation sectors.
- Helping to build more rental homes by taking steps to remove the full eight per cent provincial portion of the Harmonized Sales Tax (HST) on qualifying new purpose-built rental housing. This is expected will encourage builders to build more rental units.
- Providing an additional $100 million to the Invest Ontario Fund, for a total of $500 million, which will enable Invest Ontario, the government’s investment attraction agency, to help attract more leading companies to the province, further support businesses already here and create good-paying jobs in communities across the province.
- Proposing to enhance the Ontario Focused Flow-Through Share Tax Credit eligibility to help stimulate critical mineral exploration and improve access to capital for small exploration companies. If approved, the change would start with the 2023 tax year and add $12 million per year in tax credit support to Ontario’s critical minerals mining industry.
- Extending the current gas and fuel tax rate cuts through to June 30, 2024 — a proposed change that, along with the rate cuts already in place, would save households $260 on average since the cuts were first implemented in July 2022.
- Expanding access to breast cancer screening for women ages 40 to 49, by allowing them to self-refer for a mammogram through the Ontario Breast Screening Program. Beginning in fall 2024, these measures will increase access for more than 305,000 additional individuals.
“The road ahead is not going to be easy, but we have seen what the people of Ontario can accomplish together,” said Minister Bethlenfalvy. “Together, we can face the uncertainty of today and build a strong Ontario.”
