Building Ontario for You

October 30, 2024

Toronto – Today, Hon. Peter Bethlenfalvy, Minister of Finance, released the 2024 Ontario Economic Outlook and Fiscal Review: Building Ontario for You. The government continues to take a fiscally responsible approach towards building the critical infrastructure our growing communities need, reducing gridlock, and making life more affordable by keeping taxes low and putting more money back in your pocket.

“Our government is delivering on our plan to build Ontario, creating better jobs with bigger paycheques, building highways, transit and other infrastructure, working for workers, delivering better services and keeping costs down,” said Sam Oosterhoff, MPP for Niagara West.

“The responsible and targeted approach of the 2024 Ontario Economic Outlook and Fiscal Review will directly benefit workers and families in Niagara.”

“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 Minister Bethlenfalvy.

“We are 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’s plan reduces the deficit and retains a path to balance the budget by 2026-27, even with uncertain global economic conditions and other headwinds beyond the government’s control.

Compared to the 2024 Budget, Ontario is also projected to see both stronger growth in real Gross Domestic Product and employment in 2024.

Highlights of how the government is keeping costs down in the 2024 Fall Economic Statement include:

• Providing a $200 taxpayer rebate early next year, which would give immediate relief for Ontario families in the face of high interest rates and the federal carbon tax. This proposed $200 taxpayer rebate would be sent to all eligible adults in Ontario who have filed their 2023 Income Tax and Benefit Return by December 31, 2024. Eligible families would receive an additional $200 for each child under 18.

• Proposing to further extend the temporary gas tax and fuel tax rate cuts so that the rate of tax on gasoline and fuel (diesel) would remain at nine cents per litre until June 30, 2025. This would save Ontario households $380, on average, over the three years since July 2022. This relief is especially important as the federal carbon tax is set to increase again on April 1, 2025.

• Starting in 2026, the government is investing an estimated $88 million over three years to expand Learn and Stay Grants for 1,360 eligible undergraduate students that commit to practise family medicine with a full roster of patients once they graduate.

• This includes $17.7 million for the 2026-27 academic year. It is estimated the total investment will enable the connection of an additional 1.36 million people to primary care based on average attachment rates for family doctors. The funding will cover all tuition and other direct educational costs like books, supplies and equipment in exchange for a term of service as a physician in any community across Ontario.

• Increasing the Ontario Municipal Partnership Fund – the province’s main general assistance grant to municipalities – by $100 million over the next two years, bringing total funding provided through this program to $600 million by 2026. In 2025, municipalities will benefit from an immediate $50 million increase to the Ontario Municipal Partnership Fund.

“We are delivering on our plan to rebuild Ontario’s economy, creating better jobs and bigger paycheques for Ontario workers, while keeping costs down for families and businesses,” said Minister Bethlenfalvy.

“We are supporting workers, families and municipalities, investing in their success to create stronger communities and better opportunities for years to come.”

Highlights of the 2024 Fall Economic Statement for Niagara include:

• Advancing construction to twin the Garden City Skyway over the Welland Canal at the Garden City Skyway, marking another milestone in the province’s plan to reduce gridlock, connecting more people to jobs and providing a crucial link between Ontario’s international border crossings and the Greater Golden Horseshoe.

• Continuing to increase the frequency of GO train service between Union Station and Niagara, with more express service between Hamilton, Burlington and Toronto. This includes year-round weekend GO rail service between Union Station in Toronto and Niagara Falls.

• Expanding and refurbishing clean electricity generation by announcing more than $2.6 billion to refurbish twelve stations across the province, including the Sir Adam Beck Complex in Niagara Falls and DeCew Generating Stations in St. Catharines.

• Delivering on the government’s commitment to expand the province’s beverage alcohol marketplace to increase choice and convenience for shoppers earlier than planned, promoting and prioritizing small producers and Ontario‐made products – including extending dedicated shelf space requirements for small manufacturers – supporting local grape growers and helping farm families in Niagara thrive and prosper.