Building Ontario for You
Ontario’s 2024 Fall Economic Statement continues to invest in rebuilding the provincial economy while keeping costs down for workers and families.
October 30, 2024
TORONTO – Yesterday, Minister of Finance Peter Bethlenfalvy unveiled the 2024 Economic Outlook and Fiscal Review: Building Ontario for You, highlighting its commitment to rebuilding the provincial economy while ensuring affordability for workers and families.
“As your representative, I am proud to see our government taking a fiscally responsible approach that focuses on the needs of our communities,” said Rob Flack, MPP for Elgin-Middlesex-London. “This statement reflects our dedication to investing in vital infrastructure—roads, highways, hospitals, and schools—while keeping taxes low and putting more money back into the pockets of Ontarians.”
The government’s strategy aims to reduce the deficit and maintains a path toward balancing the budget by 2026–27, despite the challenges posed by global economic conditions. Compared to the previous budget, Ontario is expected to experience stronger growth in both real GDP and employment in 2024.
Key highlights of the economic statement include:
- A proposed $200 taxpayer rebate for eligible adults, providing immediate relief amid high interest rates and the federal carbon tax. Families will receive an additional $200 for each child under 18.
- An extension of the temporary gas and fuel tax rate cuts, keeping the tax on gasoline and diesel at 9 cents per litre until June 30, 2025, saving households an average of $380 over three years.
- An investment of $88 million over three years to expand Learn and Stay grants, supporting undergraduate students committed to practicing family medicine in Ontario.
- An additional $150 million over two years to expand the Ontario Fertility Program, nearly tripling access to government-funded in vitro fertilization (IVF) cycles.
- A $100 million increase in the Ontario Municipal Partnership Fund (OMPF), providing vital support to municipalities.
“Today’s economic statement reaffirms our commitment to building a brighter future for Ontario families,” Flack stated. “By investing in infrastructure and providing immediate financial relief, we are laying the groundwork for sustainable growth and prosperity.”
Quick Facts
- The projected deficit for 2024–25 is $6.6 billion, an improvement of $3.2 billion from earlier estimates.
- The government anticipates a deficit of $1.5 billion in 2025–26, followed by a surplus of $0.9 billion in 2026–27.
- Ontario’s net debt-to-GDP ratio is forecasted to be 37.8% for 2024–25.
- The government plans over $191 billion in infrastructure investments over the next decade.
- Consultations for the 2025 Budget will begin on November 14, 2024, inviting Ontarians to share their thoughts on pressing challenges.
Additional Resources
Media Contact:
Emily Gratton
Communications Advisor
The Office of Rob Flack, MPP
519-631-5995
emily.gratton@pc.ola.org