Moving Forward with Building a Strong Ontario
The Regulative Gathering has passed the public authority’s Bill 85, Building Major areas of strength for a Demonstration (Spending plan Measures), 2023, propelling the public authority’s arrangement to develop the economy, fabricate key foundation tasks, and backing organizations, families, and laborers in each side of the territory.
Minister of Finance Peter Bethlenfalvy stated, “Our government has proven that our responsible, targeted plan is the right plan to navigate these uncertain times, even though Ontario is not immune to the challenges facing the global economy.” Our government is sticking to our plan to create a robust Ontario of which the people of this province can be proud now and in the future.
The government is projecting that the budget will be balanced next year, three years earlier than anticipated in the 2022 Budget, as it continues to implement its plan. The following are some highlights of the budget for 2023:
- The new Ontario Made Manufacturing Investment Tax Credit, which provides a 10 per cent refundable Corporate Income Tax credit to help local manufacturers grow, create new jobs, innovate and become more competitive.
- Ontario’s Critical Minerals Strategy, which supports better supply chain connections between industries, resources and workers in Northern Ontario and manufacturing in Southern Ontario, including Ontario-based electric vehicle (EV) and battery manufacturing.
- Moving forward with the government’s historic $184 billion capital plan, which includes the bridge crossing over the future Bradford Bypass, the next phase of construction for the new Highway 7 between Kitchener and Guelph, continuing work to widen Highway 401 from Pickering through Eastern Ontario and building Highway 413.
- Providing $224 million in 2023–24 for a new capital stream of the Skills Development Fund to leverage private-sector expertise and expand training centres, including union training halls to provide more accessible, flexible training opportunities for workers.
- Enhancing the Ontario Immigrant Nominee Program with an additional $25 million over three years to attract more skilled newcomers, including in-demand professionals in the skilled trades, to the province.
- Expanding the Guaranteed Annual Income System (GAINS) program, starting in July 2024, making an additional 100,000 seniors eligible for the program and adjusting the benefit annually to inflation.
- Training more Ontario doctors by investing an additional $33 million over three years to add 100 undergraduate medical seats beginning in 2023 as well as 154 postgraduate medical training seats and prioritizing Ontario residents trained at home and abroad beginning in 2024 and going forward.
- Allowing pharmacists to prescribe over-the-counter medication for more common ailments, including mild to moderate acne, canker sores, diaper dermatitis, yeast infection, pinworms and threadworms, and nausea and vomiting in pregnancy beginning in fall 2023.
Minister Bethlenfalvy stated, “Our government’s plan for Ontario is rooted in a long-term vision and real action.” We are creating a robust Ontario with a resilient economy, the best infrastructure, skilled workers trained for the jobs of the future, and a province that connects you to the care you require.