Ontario’s 2023

Fall Economic Statement

Analysis & Summary

Overview

By the Numbers

Projected deficit

(2023 – 2024)

$5.6B down

from $1.3B in the March budget

Real GDP growth

0.5%
in 2024

2.0%
in 2025

Debt-to-GDP

ratio

38.4%

compared with 37.8% in March budget

New Tax Policies

  • Enhancing the Ontario Harmonized Sales Tax Rebate for purpose-built rental housing so that it is equal to 100% of the provincial portion of the HST paid
  • Extending the Temporary Gas Tax and Fuel Tax Cuts
  • Entering into a Coordinated Vaping Product Taxation Agreement with the federal government 
  • Enhancing the Ontario Focused Flow-Through Share Tax Credit to stimulate mineral exploration

Policy & Spending

Highlights

Next Steps

The Ministry of Finance launched the 2024 pre-budget consultations on October 19th. Proposals can be submitted to the Minister of Finance through the ministry. These consultations will help the government determine public priorities for Budget 2024.

 

To take effect, a few new measures announced in the FES require legislation, including the gas tax freeze and HST rebate for rental housing. 

The FES revealed that Ontario is in worse financial shape than it was when the budget was tabled in March. The finance minister said the province would meet uncertainty with prudence amid persistent inflation and high interest rates. The FES sets the tone for the 2024 Budget in March, showing stakeholders advocating for new spending that competition for dollars will be tough.

Need help navigating?

How might the FES impact your advocacy moving forward?
How might the FES impact your advocacy moving forward?
Looking to engage in the pre-budget process?
Looking to engage in the pre-budget process?
Wondering how the economic uncertainty may impact your advocacy?
Wondering how the economic uncertainty may impact your advocacy?

Our experts are here to answer all your questions.

Click here to view the complete 2023 Ontario Economic Outlook and Fiscal Review.