The Minister of Finance Peter Bethlenfalvy released the government's Fall Economic Statement yesterday (November 4, 2021).
The statement outlined the government's plan to strengthen the health care industry, build critical infrastructure, and invest in the workforce.
The biggest item announced was the province's deficit is projected at $21.5 billion this fiscal year, $11.6 billion lower than the 2021 Budget outlined, which is due to a strong economic growth within the province.
“As we continue to protect the hard-won progress against the pandemic, our government is looking forward with our plan to build a better and brighter future for families, workers, and businesses in Ontario,” said Minister Bethlenfalvy. “By unlocking critical minerals in the North, harnessing our manufacturing capacity, and building critical infrastructure, our plan will drive our economic recovery and prosperity for every region of our province.”
To strengthen the health care industry, Ontario is investing $342 million towards the hiring of 5,000 new and upskilled registered nurses, and registered practical nurses as well as 8,000 personal support workers. Over the next three years, Ontario will be adding $548.5 million to expand home and community care.
Ontario has committed close to $1 billion to construction projects in remote First Nations and Far North communities and will continue those partnerships to create jobs, unlock critical minerals and bring prosperity to Ontario’s North.
The province has doubled its annual investment to the Ontario Community Infrastructure Fund over the next five years, which is nearly $2 billion to assist over 424 small, rural, and northern communities build and repair roads, bridges, and water and wastewater infrastructure.
In an effort to support workers the government is proposing to increase the general minimum wage to $15 per hour effective January 1, 2022, and to eliminate the special minimum wage rate for liquor servers by raising it to the general minimum wage.
To help the tourism and hospitality sectors recover, and encourage Ontario families to explore the province, the government is proposing a new temporary Ontario Staycation Tax Credit for 2022. The credit would provide an estimated $270 million to support over one-and-a-half million families to further discover Ontario.
“The qualities that saw our province through the worst days of the pandemic — the spirit of the people of Ontario — will see us to a brighter, more prosperous future,” said Minister Bethlenfalvy. “Our government has a responsible and prudent plan that creates the conditions for an economic and fiscal recovery driven by growth. It is a plan to protect the progress we’ve made, build for the future, and work for workers who make it all happen.”