The Honourable Rod Phillips, Minister of Finance
Table of Contents
Foreword
Ontario’s Economic and Fiscal Outlook in Brief
- A Balanced Approach: Beating Deficit Targets, While Investing in Priority Programs
- Ontario’s Fiscal Outlook
- Ontario’s Economic Outlook
- Ontario’s Debt Challenge
- Ontario’s Capital Plan Outlook
Chapter 1: A Plan to Build Ontario Together
Section A: By Making Life More Affordable
- Introduction
- Helping Families with their Child Care Expenses
- Supporting Children and Families
- Providing Tax Relief for Families When They Need It the Most
- Providing Tax Relief to Low-income Workers
- Providing Dental Care for Low-income Seniors
- Eliminating Co-Pays for Pharmacy Payments in Long-Term Care
- Helping to Reduce the Cost of Living in the North
- Making Tuition More Affordable
- Making GO Transit Service Free for Kids
- Providing Free Museum Admission for Young People
- Reducing Electricity Bills
- Ending the Cap-and-Trade Carbon Tax
- Increasing Ontario’s Housing Supply
- Eliminating Drive Clean
- Making Auto Insurance Affordable: Fixing the Broken System
- Providing Other Relief for Families and Individuals
Section B: By Preparing People for Jobs
- Introduction
- Transforming K-12 Education
- Improving Indigenous Education
- Promoting Excellence in Postsecondary Education
- Making Postsecondary Education More Accessible
- Funding for the Université de l’Ontario français
- Transforming the Skilled Trades and the Apprenticeship System
- Transforming Ontario’s Employment Services
- Improving Skills Training and Attracting Skilled Workers
Section C: By Creating a More Competitive Business Environment
- Introduction
- Supporting Small Businesses
- Creating a Competitive Business Environment
- Supporting Business Growth
- Helping Ontario’s Industries Grow
- Strengthening the Competitiveness of Ontario’s Automotive Sector
- Promoting Ontario’s Forestry Industry
- Standing Up for Ontario Farmers
- Developing Mining and Exploration Industries
- Opening Up the Ring of Fire
- Reforming Electricity Pricing and Increasing Access in the North
- Enabling Natural Gas Expansion
- Modernizing Financial Services
Section D: By Connecting People to Places
- Introduction
- Modernizing GO Transit
- Building New Subways to Get People Moving
- Building More Transit Options
- Improving the Provincial Highway Network
- Connecting Communities
- Rolling Out the Investing in Canada Infrastructure Program
- Developing Regional Transportation Plans
- Improving Connectivity: Broadband and Cellular Action Plan
Section E: By Building Healthier and Safer Communities
- Introduction
- Building Healthier Families and Communities
- Investing in Front-Line Care
- Improving Access to Health Care
- Supporting Ontario’s Hospitals
- Building Capacity to End Hallway Health Care
- Improving Long-Term Care
- Modernizing Home Care
- Expanding Scope of Practice
- Taking a New Approach to Emergency Health Care
- Supporting Ontario’s First Responders
- Supporting People with Mental Health and Addictions Issues
- Modernizing Public Health
- Making Health Care More Convenient
- Protecting the Most Vulnerable
- Preserving and Protecting the Environment
- Building Partnerships
- Building Safer Communities
Section F: By Making Government Smarter
- Introduction
- Building Smarter Government
- Exploring Non-Tax Revenue Generation
- Moving Government Services into the 21st Century
- Addressing the Underground Economy
- Opening the Market for Cannabis Retail
- Increasing Choice and Convenience for Consumers
- Strengthening the Relationship with Municipalities
- Working Together to Strengthen the Federal–Provincial Relationship
- Improving Services and Accountability
Chapter 2: Economic Outlook
- Introduction
- Ontario’s Recent Economic Strength
- Outlook for Continued Economic Growth
- Risks
- Details of Ontario’s Economic Outlook
- Changes to Ontario’s Economic Outlook
Chapter 3: Ontario’s Fiscal Plan and Outlook
- Introduction
- Key 2019–20 Changes since the 2019 Budget
- Key Changes to the Medium-Term Fiscal Outlook since the 2019 Budget
- Transparency and Risks
- Details of Ontario’s Finances
Chapter 4: Borrowing and Debt Management
Chapter 5: Budget Consultations
Annex: Details of Tax Measures
- Overview
- Cutting the Small Business Tax Rate
- Decreasing the Aviation Fuel Tax Rate for the North
- Aligning Interest on Refunds
- Summary of Measures
List of Tables
Ontario’s Economic and Fiscal Outlook in Brief
- Fiscal Summary
- Summary of Ontario’s Economic Outlook
- Borrowing Program and Medium-Term Outlook
- Infrastructure Expenditures
Chapter 1: A Plan to Build Ontario Together
- Table 1.1 Ontario’s Subway Transit Plan per the 2019 Budget
- Table 1.2 Examples of Small- and Medium-Sized and Multi-Site Hospitals Receiving Additional Funding
- Table 1.3 Allocation of New and Redeveloped Long-Term Care Beds to Date
Chapter 2: Economic Outlook
- Table 2.1 Summary of Ontario’s Economic Outlook
- Table 2.2 Private-Sector Forecasts for Ontario Real GDP Growth
- Table 2.3 Outlook for External Factors
- Table 2.4 Interest Rates and Central Bank Actions
- Table 2.5 Impacts of Sustained Changes in Key External Factors on Ontario’s Real GDP Growth
- Table 2.6 The Ontario Economy, 2017 to 2022
- Table 2.7 Changes in the Ontario Ministry of Finance Key Economic Forecast Assumptions: 2019 Ontario Economic Outlook and Fiscal Review compared with 2019 Budget
Chapter 3: Ontario’s Fiscal Plan and Outlook
- Table 3.1 Fiscal Summary
- Table 3.2 2019–20 In-Year Fiscal Performance
- Table 3.3 2019–20 Revenue Changes
- Table 3.4 2019–20 Expense Changes
- Table 3.5 Summary of Changes to the Medium-Term Fiscal Outlook
- Table 3.6 Summary of Changes to the Medium-Term Revenue Outlook
- Table 3.7 Summary of Medium-Term Cannabis-Related Revenue
- Table 3.8 Multi-Year Expense Changes Since the 2019 Budget
- Table 3.9 Revenue
- Table 3.10 Total Expense
- Table 3.11 Infrastructure Expenditures
- Table 3.12 Ten-Year Review of Selected Financial and Economic Statistics
Chapter 4: Borrowing and Debt Management
Annex: Details of Tax Measures
List of Charts
Ontario’s Economic and Fiscal Outlook in Brief
Chapter 1: A Plan to Build Ontario Together
- Chart 1.1 Selected Measures that Provide Relief to Families and Individuals in 2020
- Chart 1.2 Support for Families Through the Tax Credit for Child Care
- Chart 1.3 Tax Relief from Low-income Workers Tax Credit
- Chart 1.4 Estimated Average Tuition Savings for Select Programs in 2019–20
- Chart 1.5 Share of Grade 3 and Grade 6 Students at or above the Provincial Standard in Math
- Chart 1.6 Supporting Small Businesses
- Chart 1.7 Providing Savings for Ontario Small Businesses
- Chart 1.8 Sue’s Bakery
- Chart 1.9 Omar’s Auto Parts Manufacturing
- Chart 1.10 Whole-of-Government Approach to Support Businesses
- Chart 1.11 Benefits of the GO Rail Expansion Program
- Chart 1.12 Ontario’s New Subway Transit Plan for the GTA
- Chart 1.13 Benefits of the New Ontario Line
- Chart 1.14 Examples of Nominated Investing in Canada Infrastructure Program Projects
Chapter 2: Economic Outlook
- Chart 2.1 Strengthening Labour Market
- Chart 2.2 Composition of Employment Change Since June 2018
- Chart 2.3 Ontario Household Indebtedness Eases
- Chart 2.4 Slowing Global Economic Growth
- Chart 2.5 Slowdown in World Trade
- Chart 2.6 Government of Canada Interest Rates Lower
- Chart 2.7 Canada Yield Curve and Recessions
- Chart 2.8 Ontario’s Current Economic Expansion Long by Historical Standards
- Chart 2.9 U.S. Volatility Index
- Chart 2.10 Ontario Home Resales Growth
- Chart 2.11 Ontario Average Home Resale Price Growth
Chapter 3: Ontario’s Fiscal Plan and Outlook
Chapter 4: Borrowing and Debt Management
- Chart 4.1 2019–20 Borrowing
- Chart 4.2 Domestic and International Borrowing
- Chart 4.3 Net Debt-to-GDP
- Chart 4.4 Provincial Net Debt-to-GDP in 2019–20
- Chart 4.5 Effective Interest Rate (Weighted-Average) on Total Debt
- Chart 4.6 Average Annual Ontario Borrowing Rates
- Chart 4.7 Weighted-Average Term of Borrowings
- Chart 4.8 Interest on Debt-to-Revenue Ratio
Updated: November 6, 2019
Published: November 6, 2019