In light of the ongoing COVID-19 pandemic, Ontario’s leadership says the province’s economy is finally starting to turn a corner.
In a virtual news conference at Queen’s Park on February 14, Ontario’s Finance Minister, Peter Bethlenfalvy, detailed Ontario’s 2021-2022 third-quarter financial update.
Overall, Ontario is now projecting a $13.1 billion deficit – an $8.4 billion improvement compared to the province’s fall economic statement, where Ontario was expected to see an over $21.5 billion deficit.
Minister Bethlenfalvy says Ontario’s new financial statements include $2.3 billion in new investments to fight against the Omicron variant of COVID-19, including additional funding to support hospitals, workers and businesses across the province.
“Over the course of the pandemic, we have made incredible progress in the fight against COVID-19 through record investments to protect Ontario’s people, our progress and our economy.”
“Ontario is getting stronger, but economic uncertainty remains,” adds Bethlenfalvy. “Our government recognizes that while we have made important progress, we have more work to do.”
That $2.3 billion includes $1.3 billion to support hospitals with personal protective equipment, additional staff, the rollout of COVID-19 vaccines and stronger infection prevention and control measures.
It also includes $300 million in energy rebates, $293 million in small business grants, $164 million to support long-term care homes, $108 million to train 8,200 new personal support workers for high-demand jobs and $75 million to offset electricity costs for eligible customers.
“Our government’s plan for recovery will build Ontario with investments in new highways and hospitals, supports for workers and employers, and measures to put more money into the pockets of families and seniors,” adds Bethlenfalvy.
He says much of the funding was made possible due to an increase in revenues due to strong growth in Ontario’s economy, as well as higher net-tax assessments compared to prior years.