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Today Minister of Finance Peter Bethlenfalvy released the 2022 Budget: Ontario’s Plan to Build.
The Budget has five pillars:
- Rebuilding Ontario’s Economy – creating jobs and building prosperity with investments across Ontario from the Ring of Fire to relocating WSIB to London;
- Working for Workers – supporting better jobs with initiatives like raising minimum wage, investing in employment and training programs, and supporting newcomers;
- Building Highways and Key Infrastructure – building highways, transit and other infrastructure projects;
- Keeping Costs Down – increasing housing supply, eliminating licence plate fees and tolls on Highways 418 and 412 and providing tax and childcare relief; and
- A Plan to Stay Open – making investments in healthcare, education for healthcare workers, and manufacturing PPE.
Ontario is projected to return to a surplus position in 2027-28, two years earlier than forecast in the 2021 Budget. The government is projecting deficits of $19.9 billion in 2022-23, $12.3 billion in 2023-24, and $7.6 billion in 2024-25.
The net debt-to-GDP ratio is projected to be 40.7% in 2021-22, 8.1 percentage points lower than the 2021 Budget. Ontario’s net debt-to-GDP ratio is now forecast to be 41.4% in 2022-23 and 2023-24 and 41.3% in 2024-25.
AMCTO staff will continue to review the 2022 Budget in the coming dates for member and municipal interests and opportunities.
News Release: Ontario’s Plan to Build
2022 Budget: Ontario’s Plan to Build