This afternoon, Ontario’s Finance Minister, the Honourable Peter Bethlenfalvy, tabled the 2024 Fall Economic Statement (FES) titled Building Ontario for You.
The Government of Ontario expects a $6.6 billion deficit from 2024-25 and $1.5 billion in 2025-26. It is projecting a surplus of $0.9 billion in 2026-27. The net debt‐to‐GDP ratio is projected to be 37.8% in 2024–25. Ontario’s real GDP growth is projected to be 1.7% in 2025 and 2.3% in 2026 and 2027, with total expenses expected to be $218.3 billion in 2024-25.
This FES highlights investments into Ontario’s transportation infrastructure, a continuation of a cut to the gas tax through June 2025, an increase of $100 million to the Ontario Municipal Partnership Fund, and $146 million to create new opportunities in health technology, medicine, and vaccine manufacturing sectors. The statement also highlights $3 billion in support through a taxpayer rebate of $200 to eligible Ontario taxpayers.
Economic Highlights
- The government is proposing a $200 taxpayer rebate to eligible Ontario taxpayers who file their 2023 Income Tax and Benefit Return by December 31, 2024.
- The government is proposing a continued cut to the gas tax by 5.7 cents per litre and a continued cut to the fuel tax by 5.3 cents per litre to June 30, 2024.
- The government is investing an additional $100 million to the Invest Ontario Fund bringing the program’s total funding amount to $700 million.
- An investment of $146 million to create new opportunities and strengthen the health technology, medicine, and vaccine manufacturing sectors.
Advanced Manufacturing and Technology
- An additional $40 million will be invested into the Regional Development Program’s Advanced Manufacturing and Innovation Competitiveness stream in 2025-26.
- An investment of $500,000 for the Ontario Made program starting in 2025-26, to provide Ontario’s youth with more exposure to career opportunities in the manufacturing sector.
- Ontario is expected to create 4,012 jobs in areas including advanced manufacturing, life sciences and technology.
Health Care
- The introduction of a new tax credit to cover up to 25% of eligible fertility treatment expenses to support those seeking fertility treatment in Ontario.
- The province is continuing to invest nearly $50 billion in health infrastructure over the next 10 years, including over $36 billion in capital grants to support more than 50 hospital projects.
- The government is continuing to invest in the operation of Behavioural Specialized Units in long-term care homes with $22.4 million in 2024–25.
Infrastructure
- $27.8 billion will be invested to build and repair roads and highways and $68.2 billion will be invested to build and improve public transit.
- An additional $100 million will be invested into the Ontario Municipal Partnership Fund.
- $2.6 billion will be invested into 12 hydroelectric energy generation stations including the Sir Adam Beck Complex at Niagara Falls and the R.H. Saunders Generating Station in Cornwall.
- $4 billion will be invested to provide access to high‐speed internet to every community across the province by the end of 2025.
Labour
- An additional $5.5 million will be invested into the Ontario Immigrant Nominee Program (OINP) in 2024-25 to process more applications and support program integrity.
- The government continues to invest $224 million to build and expand training centres through the Skills Development Fund Capital Stream and continues to invest $260 million into its current round of the Skills Development Fund Training Stream.
- The province is launching a new online job‐matching portal for potential apprentices, journey-persons, and employers to network and share apprenticeship opportunities.
Education
- $17.7 million will be invested in 2026-27 to expand Ontario’s Learn and Stay Grant (OSLG).
- $6.1 billion will be invested in the postsecondary education sector over the next 10 years and will include $2.3 billion in capital grants to modernize facilities through upgrading technology, completing critical repairs, and improving energy efficiency.
- Over the next 10 years, the province will invest $16 billion in capital grants to build more schools and childcare spaces. This includes $1.4 billion in 2024-25 to support the repair and renewal needs of schools.
- As announced in the 2024 Budget, the province is extending the tuition fee freeze at publicly assisted colleges and universities for at least three more years.
Housing
- The government is continuing to invest in the Housing‐Enabling Water Systems Fund (HEWSF) and Municipal Housing Infrastructure Program (MHIP). The previously announced $2 billion investment will help build more municipal housing‐enabling infrastructure projects.
- Property Assessment and Taxation System: the government is focusing on three areas to improve fairness, affordability, business competitiveness, and modernized administration tools:
- Affordable Rental Housing – creating an optional property tax subclass for municipalities to reduce municipal tax rates.
- Student Housing – introducing a legislative amendment to standardize how property taxes are applied to university-operated student housing.
- Information Sharing – enhancing and developing new digital solutions with stakeholders, including municipalities and the Municipal Property Assessment Corporation (MPAC).
Other Announcements
- The government will support law enforcement to crack down on the advertising and promotion of illicit online cannabis sales. The government will also continue to support the development of Ontario’s legal cannabis market and ensure it displaces the illegal market.
- A new Electric Vehicle Charger Discount Electricity Rate will be available for public EV charging providers on January 1, 2026.
