TORONTO, ON — Today, Minister of Finance Peter Bethlenfalvy presented Ontario’s fiscal blueprint for the year ahead, unveiling the 2024 Budget: Building a Better Ontario. Against a backdrop of global economic uncertainty and heightened interest rates, Ontario is charting a course aimed at fostering economic stability and growth while addressing the needs of its citizens.
In his address, Minister Bethlenfalvy emphasized the government’s commitment to responsible fiscal management, highlighting the continuation of strategic investments without burdening taxpayers with additional levies.
Key highlights from the budget include substantial investments in infrastructure, healthcare, community development, and public safety:
Infrastructure Investment: Ontario will inject $1 billion into the new Municipal Housing Infrastructure Program, along with a quadrupling of the Housing-Enabling Water Systems Fund to $825 million. These initiatives aim to expedite home construction and bolster critical infrastructure essential for meeting housing targets.
Healthcare Access: The budget allocates an additional $546 million over three years to connect approximately 600,000 people to primary healthcare services, addressing gaps in accessibility across the province.
Community Development: A new $200 million Community Sport and Recreation Infrastructure Fund will be launched to revitalize sport, recreation, and community facilities, fostering social cohesion and well-being.
Public Safety: With an investment of $46 million over three years, including funding for the purchase of four police helicopters, the government aims to enhance community safety in the Greater Toronto Area, ensuring faster response times to major incidents and crimes.
Tax Relief: Ontario residents will benefit from an extension of temporary cuts to gasoline and fuel taxes until December 31, 2024, providing an average savings of $320 per household since their inception in July 2022.
Skills Development: Recognizing the importance of workforce development, an additional $100 million will be channeled through the Skills Development Fund Training Stream in 2024–25, supporting workers, job seekers, and apprentices in acquiring essential skills for career advancement.
Supportive Housing and Mental Health: The budget earmarks an additional $152 million over three years for supportive housing initiatives, aimed at assisting individuals facing unstable housing conditions and mental health or addiction challenges.
Fiscal projections accompanying the budget reveal a deficit of $3.0 billion for the fiscal year 2023–24. Looking ahead, deficits of $9.8 billion in 2024–25 and $4.6 billion in 2025–26 are anticipated before reaching a surplus of $0.5 billion in 2026–27. Real GDP growth projections for Ontario are conservative, with the government aligning forecasts with private-sector estimates for prudent fiscal planning.
Minister Bethlenfalvy expressed confidence that the 2024 Budget strikes a balance between addressing immediate needs and laying the groundwork for future prosperity. He affirmed the government’s commitment to prudent investment, asserting that Ontario’s resilience will lead the province toward a brighter economic future.
The 2024 Budget: Building a Better Ontario reflects Ontario’s resolve to navigate global economic challenges while prioritizing the well-being and prosperity of its residents.
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