As we draw near the end of 2024 and winter starts to appear, it’s a great time to reflect upon what we have achieved over the past twelve months, what we started but didn’t finish and what we want to accomplish next year.
2024 has been a challenging year for many. High interest rates, skyrocketing rents, exorbitant food costs have made everyday life very stressful for residents of Ontario.
The provincial government is proposing a few initiatives to help ease the financial strain such as providing a $200.00 taxpayer rebate in early 2025 for those eligible adults in Ontario who have filed their 2023 income tax return before December 31, 2024. Eligible families would receive an additional $200.00 for each child under 18.
They are increasing the Ontario Municipal Partnership Fund (OMMPF), which provides funding to 390 municipalities within Ontario, by $100 million over the next two years. In 2025, municipalities will see an $50 million increase to the fund. This influx of provincial funding will be targeted to small northern and rural municipalities and those with a limited property tax base.
Investing in Ontario through the ‘Ontario’s Plan to Build” is laying the foundation for building new highways, hospitals and other critical assets with a planned investment totaling $191 billion dollars over the next 10 years. $26.3 billion will be spent for 2024-2025 capital projects.
Ontario is making progress to build 58,000 new and upgraded beds across the province by 2028 for modern, safe and comfortable long-term care homes for seniors and residents.
To improve the employment opportunities, the government is connecting job seekers with employers in in-demand sectors like manufacturing, construction and health care by increasing investment in the Skills Development Fund Training Stream by up to an additional $260 million in the current fifth round of the fund. This latest round of funding brings Ontario’s total investment through the Skills Development Fund to up to $1.4 billion.
As the workforce in Ontario ages, retirement is on our mind. To assist workers to save for their retirement, the government is finalizing regulations to create a permanent target benefit pension plan framework to come into effect on January 1, 2025. Target benefit pension plans can provide a monthly stream of income in retirement at a predictable cost for employers.
In order to ease the carbon tax impact, the provincial government is holding the Ontario fuel tax rate at 9 cents per litre until June 30, 2025.
While we ponder what 2025 holds in store for us individually, speculation stirs whether the Ontario government will be gifting the taxpayers with a spring 2025 election. The season gives us time to slow down, share our hopes and reflect on our goals.