In response to the federal government’s Budget 2023, Ontario’s Minister of Finance, Peter Bethlenfalvy, issued the following statement on March 28:
“Our government is grateful to the federal government for collaborating with us in a variety of areas to assist Ontario workers, families, and businesses. We have brought in billions of dollars in investments, putting Ontario and Canada back on the map as a powerhouse in the automotive industry. Volkswagen recently announced that St. Thomas would be the new home for its first-ever offshore battery plant.
In response to the U.S. Inflation Reduction Act, the Canadian government’s budget for 2023 provides substantial support in the form of investment tax credits for clean electricity, such as small modular reactors, clean technology manufacturing, and the extraction of crucial minerals. We are also pleased that the federal government has put money into its Strategic Innovation Fund to help clean technology development and application.
As we bring manufacturing jobs back to the province, Ontario will continue to collaborate with the federal government to safeguard local businesses. To ensure that we do not miss out on transformative global investments, we must collaborate to unlock the full economic potential of Ontario’s abundant supply of crucial minerals and the Ring of Fire. To do this, we must eliminate federal duplication of Ontario’s robust environmental assessment process.
We note that the budget did not mention the Ring of Fire once. This is a missed chance for workers, Canada’s expanding supply chains for electric vehicles and batteries, northern Ontario, and Indigenous communities.
Additionally, we anticipate that the federal government will collaborate with us to address the ongoing affordability crisis in housing. In order to encourage the construction of additional rental housing units, we keep requesting that the federal government postpone the Harmonized Sales Tax on all new large-scale purpose-built rental housing projects.
I recently released Ontario’s own budget for 2023: Making Ontario strong. It is our blueprint for establishing a robust province in the midst of global change and challenge. While our government is working hard to build a strong Ontario for today and the future, we know that working together makes progress faster. Nothing can stop Team Canada and Team Ontario from working together.