Ontario's 2024

Fall Economic Statement

Overview

While the next provincial election in Ontario isn’t scheduled until 2026, today’s Economic Outlook and Fiscal Review has all the markings of a campaign document.

New investments in health care to address family doctor shortages. Check.

Infrastructure funding to support housing construction and reduce gridlock. Check.

$200 rebates to help with affordability and cost of living challenges. Check.

This fiscal update is squarely focused on the top-of-mind issue for middle-class families: affordability. Appealing to the province’s middle-class will be key to securing Ford’s re-election whenever Ontarians do head to the polls.

Policy & New Spending

Highlights

Rebuilding Ontario’s Economy

$94M for Phase 2 of the Life Sciences Strategy for a total investment of $146M
$100M additional for the Invest Ontario Fund, to secure strategic investments, bringing the fund total to $700M
$40M additional, starting in 2025, to extend the Advanced Manufacturing and Innovation Competitiveness Stream

Building Infrastructure, Highways and Transit

$100M additional, over the next two years, to the Ontario Municipal Partnership Fund
$1B for the new Municipal Housing Infrastructure Program
Advancing construction of new highways and transit, such as Highway 413, the Bradford Bypass, the Ontario Line, and the Scarborough Subway extension

Keeping Costs Down

$200 taxpayer rebate for all eligible adult Ontario tax filers, plus an additional $200 for each eligible child under age 18 for families who qualify for a Canada Child Benefit payment for 2024
Extend the current temporary gas tax and fuel tax rate cuts until June 30, 2025, saving Ontario households $380 on average over the past three years
Launch One Fare, so transit riders only pay once for transfers across the GTHA
Expand the Ontario Guaranteed Annual Income System program

Better Services for You

$17.7M additional to extend the Learn and Stay grants through 2026-27
$150M additional over the next two years to expand the Ontario Fertility Program
Introduce a new fertility tax credit in 2025, building on Ontario’s medical expense tax credit
$17M additional investment over the next three years to expand access to services and activities for seniors
Prioritizing medical school seats for Ontario residents and creating more opportunities for Ontarians who started their medical education abroad to be able to complete their postgraduate training in Ontario

Next Steps

Pre-budget consultations

The Ministry of Finance is launching 2025 budget consultations on November 14, 2024. Proposals can be submitted to the Minister of Finance through the ministry.

Legislative agenda

To take effect, parts of the government’s agenda require legislation, including the gas and fuel tax rate cut extension.

Budget 2025

The FES revealed that Ontario is in better fiscal shape than when the 2024 Budget was tabled. The finance minister said that the province was on a path to balance in 2026-27. That new target, and the province’s newly improved credit rating, will guide spending targets in next year's spring budget.

The Ministry of Finance is launching 2025 budget consultations on November 14, 2024. Proposals can be submitted to the Minister of Finance through the ministry.

To take effect, parts of the government’s agenda require legislation, including the gas and fuel tax rate cut extension.

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Click here to view the complete 2024 Ontario Economic Outlook and Fiscal Review.

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