Few surprises, but big investments, in Ontario fall economic statement

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By: Bryan Passifiume

TORONTO — While most of the surprises in this year’s fall economic statement were strategically leaked to reporters earlier this week, the Doug Ford Conservatives put forward a plan Wednesday they say will continue the province’s path of strategic investment and make life a little more affordable.

The statement also hints at plans to wipe the province’s deficit entirely by 2026-27, projecting a nearly $1 billion surplus within three years.

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Ontario’s Finance Minister Peter Bethlenfalvy tabled the province’s 2024 Fall Economic Statement in the legislature on Wednesday, saying they’re well equipped to weather the coming uncertainty in the months and years ahead.

“Our government’s responsible approach has resulted in an improved fiscal position since the 2024 Budget, allowing us to keep taxes low, invest in infrastructure like roads, highways, hospitals and schools, and provide immediate relief to Ontario families as part of our plan to keep costs down,” said Bethlenfalvy in a statement released Wednesday.

“We’re going to continue investing responsibly to support Ontario’s growth and rebuild Ontario’s economy to make our province the best place to live, work and raise a family, all while reducing the debt burden for future generations.”

The government, Bethlenfalvy said, aims to balance the province’s books by the 2026-27 fiscal year, and projects growth in both employment and Ontario’s real GDP in the coming year.

Among programs already announced includes the $200 rebate, where cheques will be sent to eligible adult Ontarians sometime early next year.

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Eligible families will also see an additional $200 per child.

Queen’s Park will also provide another extension to the temporary nine cents per litre fuel tax cut, until June 30, 2025 — well past the projected increase of the federal carbon tax set for April 1.

That, the province claims, will save households an average of $380 since the cut was introduced in 2022.

Municipalities will also get a boost, with the province increasing investments in the Ontario Municipal Partnership Fund (OMPF) by $100 million over two years.

The province expects to continue funding major infrastructure projects, with $191 billion planned over the next decade to fund roads, highways, public transit, housing, schools, hospitals and long-term care.

That funding includes $27.8 billion to build and repair roads, including the Bradford bypass, the contentious Hwy. 413 project, new interchanges in Windsor and Ottawa, widening the eastern stretches of Hwy. 401, and twinning Hwy. 7 through Durham.

Ontario will invest an extra $150 million over two years to fund fertility treatments, tripling the number of patients able to receive in-vitro fertilization, and shrink waitlists at fertility clinics across the province.

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The government also plans on spending $88 million over three years, starting in 2026, to fund the Learn and Stay grant program, which covers the cost of education for nursing, paramedicine and medical tech students who intend on staying and working in the region.

That program will expand to include around 1,360 eligible undergrads willing to commit to practice family medicine, and according to the government, will cover tuition, books, supplies and equipment in exchange for opening a family medicine practice in the province.

Ontario is now projecting a $6.6 billion deficit in fiscal year 2024-25, $1.5 billion in 2025-26, and a $900 million surplus by 2026-27.

The net-to-GDP ratio is expected to reach 37.8% by next fiscal year.

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