In June 2018, our government under the leadership of Premier Doug Ford made the case for a bold new vision for the people of Ontario and for the future of our province.

The people of Ontario were working harder, paying more and getting less. We said they deserved better. We promised to build a future where they not only worked to make ends meet, but where they could get ahead and prosper.

It starts with lowering taxes, making electricity bills more affordable, and ensuring that home ownership isn’t just a dream, but a reality — thanks to an affordable housing market with adequate supply.

Our government sees a future where people can access modern highways, subways, and rapid transit systems, admired and studied around the world.

We see a future with state-of-the-art public hospitals, where service levels are high, wait times are low, and transitions to and from home are easy. We see long-term care homes where our seniors age with dignity.

We see a future where our young people are set up for success, have the skills to match the needs of a growing economy, and are adaptable life-long learners in an ever changing world.

We see ourselves as the economic powerhouse of Canada, competitive in the global economy, with a business environment that celebrates our entrepreneurs, supports wealth creation, and brings jobs and investment to our province.

A strong Ontario makes for a strong Canada.

This vision is not out of reach. Our government has a plan to build a future with a better quality of life and a higher standard of living. The people of this province are our greatest asset. Working together with them, we have everything we need to take on the world and win.

Over the past 16 months, our government has worked diligently to clean up the fiscal mess we inherited.

For a second year in a row, we are beating our deficit targets. The Province’s current 2019–­20 deficit outlook is $9 billion, $1.3 billion lower than the target projected in the 2019 Budget. We will continue to implement our prudent and responsible approach to fixing our finances, balancing the budget by 2023, so that we can make critical investments and provide relief for families and businesses.

Since the 2019 Budget, Ontario’s credit rating has been affirmed by all rating agencies and Fitch has improved our credit rating outlook from negative to stable.

Since June 2018, more than 272,000 net new jobs have been created and the unemployment rate is near historical lows.

This is part of our government’s balanced and prudent Plan to Build Ontario Together.

We are working together with the people of Ontario to:

  • Make life more affordable;
  • Prepare people for jobs;
  • Create a more competitive business environment;
  • Connect people to places;
  • Build healthier and safer communities; and
  • Make government smarter.

Under the leadership of Premier Doug Ford, Ontario will stand as an island of stability and prosperity in an increasingly uncertain world.

I am confident that by working together and implementing our plan, our province will emerge with a stronger fiscal foundation, better services and greater opportunities that will benefit all of us today and generations well into the future.

Original signed by

The Honourable Rod Phillips

Minister of Finance

Updated: November 6, 2019
Published: November 6, 2019