Ontario’s Plan to Build: A Progress Update

Minister of Finance Peter Bethlenfalvy has released the 2022 Ontario Economic Outlook and Fiscal Review – Ontario’s Plan to Build: A Progress Update. In spite of an elevated degree of economic uncertainty due to global geopolitical conflict, historically high inflation, rising interest rates and ongoing supply chain challenges, Ontario’s economy has proven resilient.

The purpose of this report is to analyze the effectiveness of government spending, forecast provincial revenues/deficits, and plan measurable improvements to the Ontario economy while maintaining a focus on being transparent, responsible, flexible, equitable and sustainable.

For the full report click here:

Key Results as of November 2022

  • $16 billion in transformative investments by global automakers in the last 2 years
  • $2.5 billion in investments over the past year to transform the steel sector
  • Estimated $8.7 billion in cost savings and support for Ontario businesses in 2022, with $4.0 billion going to small businesses
  • Ontario’s first-ever Critical Minerals Strategy and a commitment of close to $1 billion to support critical legacy infrastructure
  • Continuing to support the skilled trades
  • Adding over 11,700 health care workers since 2020
  • Over 800 internationally educated nurses, newly licensed in Ontario
  • Approximately $25.1 billion in highway expansion and rehabilitation over the next 10 years

Key Economic Initiatives

  • Voluntary clean energy credit registry to boost competitiveness, attract jobs and provide businesses with more choice in how they pursue their environmental and sustainability goals.
  • $185 million in income tax relief over the next three years, benefiting about 5,500 small businesses.
  • Automatically matching property tax reductions for small businesses within all municipalities that adopt the small business property subclass.
  • Making changes that would allow a person with a disability on the Ontario Disability Support Program (ODSP) to keep more of their earnings.
  • Adjusting ODSP allowances to inflation annually.
  • $40 million in 2022–23, to the Skills Development Fund, which has already helped over 393,000 people take the next step in their careers in in-demand industries.
  • $4.8 million over two years, to expand the Dual Credit program, encouraging more secondary school students to enter a career in the skilled trades or in early childhood education.
  • Doubling the Guaranteed Annual Income System payment for all recipients for 12 months.
  • Expand eligible expenditures for the Ontario Production Services Tax Credit.