The Provincial Government has released its 2021-22 Third Quarter Finances, which provide an update on Ontario’s economic and fiscal outlook. Ontario is now projecting a deficit of $13.1 billion in 2021-22, an improvement of $8.4 billion from the deficit forecast in the Fall Economic Statement.

As of the Third Quarter Finances, the Province is investing an additional $2.3 billion relative to the 2021 Budget. Highlights includes:

• $1.3 billion in additional funding to support hospitals during the COVID-19 pandemic;
• $300 million for the Ontario Business Costs Rebate Program;
• $293 million for the Ontario COVID-19 Small Business Relief Grant;
• $164 million to help long-term care homes prevent and contain the spread of COVID-19;
• $108 million to train up to 8,200 new personal support workers; and
• $75 million in additional funding to support electricity cost relief for eligible residential, farm and small business customers.

The Government has announced that it will provide its next financial update as part of the 2022 Budget. AMCTO’s recommendations for the 2022 Budget can be seen here: Local Government Priorities for the 2022 Provincial Budget.

News Release: Ontario Releases 2021-22 Third Quarter Finances
2021-22 Third Quarter Finances