Ontario’s 2024 Fall Economic Statement continues to invest in rebuilding the provincial economy while keeping costs down for workers and families
NEWS October 30, 2024
TORONTO – Today, Minister of Finance Peter Bethlenfalvy 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’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.”
“I am pleased to be part of a government that prioritizes Ontario”, said MPP Will Bouma. “And what is good for Ontario is good for Brantford-Brant and I look forward to more good news, as our entire region continues to grow and thrive making Brantford-Brant the best place to work, play and raise a family.”
The government’s plan reduces the deficit and retains a path to balance the budget by 2026-27 even with uncertain global economics 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 GDP and employment in 2024.
Highlights of how the government is keeping costs down in the 2024 Fall Economic Statement include the following:
- The government is now projecting a deficit of $6.6 billion in 2024-25 – an improvement of $3.2 billion from the outlook published in the 2024 Budget. This puts Ontario on track to have a net surplus by 2026-27.
- The strength of Ontario’s budget has allowed the province to provide a $200 taxpayer rebate early next year, providing immediate relief for families and individuals in Brantford-Brant and across the province. Eligible families would receive an additional $200 for each child under 18.
- Ontario’s historic infrastructure investments continue, including $191 billion in investments over the next decade to build and improve transit, highways, housing-enabling infrastructure, hospitals, schools, long-term care facilities and other critical public infrastructure.
- Our government is also proposing an extension to the temporary gas and fuel tax rate cuts in response to the federal government’s carbon tax. This cut would allow tax on gasoline and fuel (diesel) to remain at 9 cents per litre until June 30, 2025, and spare Ontarians from spending any more than necessary on transportation.
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For more information, 519-759-0361 or will.bouma@pc.ola.org