Ontario Unveils the 2023 Fall Economic Statement
Last week, Ontario’s Minister of Finance, Peter Bethlenfalvy, introduced the government’s 2023 Economic Outlook and Fiscal Review, commonly known as the Fall Economic Statement (FES). The FES outlined the government’s current and intended investments, centred around building key infrastructure, stimulating economic and job growth, and keeping costs down for Ontarians. In addition, the FES highlighted Ontario’s fiscal landscape, with a plan to balance the budget by 2025-2026.
Notable investments include:
- Launching the Ontario Infrastructure Bank. The arm-lengths bank will receive $3 billion in initial funding, and it will target projects with a focus in affordable housing, long-term care homes, energy, and transportation.
- $100 million investment into the Invest Ontario Fund. The province is making it a priority to attract companies and create jobs.
- Removal of the 8% provincial portion of the HST on new purpose-built rental housing. While the Federal government had already dropped their GST for the same purpose, Ontario has joined them in an effort to increase housing supply.
- An additional $12 million per year in tax credits for the critical minerals mining industry.
This marks the official start for the Ontario government to kick off consultations for the 2024 budget. If you’d like to submit a budget proposal and don’t know where to start, at SWON Public Affairs we are ready to ensure your voice is heard. Give us a call to book a free consultation!
