The Honourable Peter Bethlenfalvy, Minister of Finance
Table of Contents
Minister’s Foreword and Introduction
- Ontario’s Plan to Build
- Rebuilding Ontario’s Economy
- Working for Workers
- Building Highways and Key Infrastructure
- Keeping Costs Down
- A Plan to Stay Open
- Ontario’s Plan to Build
Ontario’s Economic and Fiscal Outlook in Brief
- Ontario’s Economic and Fiscal Outlook in Brief
- Ontario’s Economic Outlook
- Managing Ontario’s Finances Responsibly
- Ontario’s Medium-Term Fiscal Plan
- Ontario’s Recovery Plan
- Details of Ontario’s Recovery Plan
- Alternative Economic Scenarios and Fiscal Outlooks
- Borrowing and Debt Management
- Ontario’s Capital Plan
Chapter 1: Ontario’s Plan to Build
Section A: Rebuilding Ontario’s Economy
- Introduction
- Seizing Ontario’s Critical Minerals Opportunities
- Powering Ontario’s Economy
- Selling Ontario Made Products to the World
- Standing Up for Small Businesses and Supporting Entrepreneurship
- Harnessing Ontario’s Entrepreneurial Spirit
- Supporting Immigrant Entrepreneurs
- Supporting Futurpreneur Canada
- Transforming Business with the Digital Main Street Program
- Enhancing Digital Competence
- Building Procurement Opportunities for Small Business
- Creating a Simplified Path for Business to Grow
- Helping Innovators Protect and Commercialize their Intellectual Property
- Accelerating Ontario’s Economy through Critical Technologies
- Building Prosperity Everywhere, for Everyone
- Bringing Jobs to Local Communities
- Maximizing Investments in Government Office Locations
- Creating Ontario Public Service Regional Hubs
- Encouraging Growth through the Regional Opportunities Investment Tax Credit
- Attracting Investment Across Ontario’s Regions
- Investing in Regional Economic Development
- Bringing High-Speed Internet Access to Every Community
- Helping Families Explore Ontario
- Supporting Ontario’s Cultural Industries
- Securing the Agri-Food Supply Chain
- Working with Indigenous Partners
- Supporting Ontario’s Francophone Community
- Showcasing Ontario as Open for Business
- Providing Cost Savings and Support to Businesses
- Growing Ontario’s Venture Capital Sector
- Reducing Red Tape
- Modernizing Ontario’s Vehicle Registration Process
- Breaking Down Interprovincial Trade Barriers
- Modernizing Ontario’s Capital Markets to Attract Investment and Create Jobs
- Supporting Management of Broader Public Sector Funds
Section B: Working for Workers
- Introduction
- Putting Workers First
- Launching the Better Jobs Ontario Program
- Enhancing the Skills Development Fund
- Modernizing Skilled Trades and Apprenticeships
- Advancing the Ontario Workers’ Plan
- Expanding College Degree Granting
- Helping with the Cost of Training through the Ontario Jobs Training Tax Credit
- Increasing Rapid Retraining to Support Economic Recovery
- Supporting Workers and the Future of Work
- Raising the Minimum Wage
- Implementing a Target Benefit Pension Plan Framework
- Enhancing Postsecondary Education and Training for Indigenous Learners
- Creating Economic Opportunities for Women
- Enhancing the Ontario Immigrant Nominee Program
- Removing Barriers Facing Internationally Trained Workers
- Making It Easier to Come to Ontario to Work
- Supporting Frontline Workers
Section C: Building Highways and Key Infrastructure
- Introduction
- Fighting Gridlock
- Ontario On Track
- Building Community Infrastructure
- Building Modern Schools
- Building a Revitalized Ontario Place
- Creating a New Provincial Park
Section D: Keeping Costs Down
- Introduction
- More Homes for Everyone
- Keeping Transportation Costs Down
- Helping with the Cost of Groceries and other Essentials
- Tax Relief to Workers and Families Since 2018
- Lifting Up Workers and Families
- Lowering Child Care Fees for Parents
- Supporting a Strong and Stable Food Supply Chain
- Delivering Meals, Medicine and Other Essential Items in Communities
- Keeping Electricity Bills Down
- Extending the Tuition Freeze for Postsecondary Students
- Expanding the Home and Vehicle Modification Program
Section E: A Plan to Stay Open
- Introduction
- Expanding Ontario’s Health Care Workforce
- Recruiting and Retaining Health Care Providers in Underserved Communities
- Supporting Retention of Nurses
- Modernizing Clinical Education for Nurses
- Permanently Enhancing the Wages of Personal Support Workers
- Expanding Medical Education, including to Brampton and Scarborough
- Expanding the Health Sector Workforce
- Shoring Up Domestic Production of Critical Supplies and Ensuring Ontario is Prepared for Future Emergencies
- Building More Hospital Beds and Improving Patient Care
Chapter 2: Economic Performance and Outlook
Chapter 3: Ontario’s Fiscal Plan and Outlook
- Introduction
- 2021–22 Interim Fiscal Performance
- Medium-Term Fiscal Plan
- Transparency and Risks
- Summary of Significant Accounting Policies
- Details of Ontario’s Finances
Chapter 4: Borrowing and Debt Management
- Introduction
- Borrowing Program
- Green Bond Program
- Cost of Debt
- Ensuring Adequate Liquidity Levels
- Debt Burden Reduction Strategy
- Consolidated Financial Tables
Annex: Details of Tax Measures and Other Legislative Initiatives
- Overview
- Supporting People and Families
- Strengthening the Non-Resident Speculation Tax
- Modernizing Ontario’s Cultural Media Tax Credits
- Extending Film and Television Tax Credits to Online Productions
- Updating the Ontario Book Publishing Tax Credit
- Simplifying the Ontario Computer Animation and Special Effects Tax Credit
- Exploring Opportunities to Encourage More Film and Television Production Across Ontario
- Clarifying Treatment of Work-from-Home Labour for Interactive Digital Media and Computer Animation and Special Effects
- Extending the Temporary Enhancement of the Regional Opportunities Investment Tax Credit
- Extending Time-Limited Relief for the Electricity Distribution Sector
- Addressing Unregulated Tobacco
- Property Tax Stability and Competitiveness
- Summary of Tax Measures
- Technical Amendments
- Other Legislative Initiatives
List of Tables
Ontario’s Economic and Fiscal Outlook in Brief
- Summary of Ontario’s Economic Outlook
- Details of Ontario’s Medium-Term Fiscal Plan
- Details of Ontario’s Recovery Plan
- Ontario Real GDP Growth Scenarios
- Ontario Nominal GDP Growth Scenarios
- 2021–22 Borrowing Program and Medium-Term Outlook
- Infrastructure Expenditures
Chapter 1: Ontario’s Plan to Build
- Table 1.1: Examples of Highway Expansion and Rehabilitation Projects
- Table 1.2: Examples of Recently Approved Projects under the Investing in Canada Infrastructure Program
- Table 1.3: Recently Approved Child Care Projects
- Table 1.4: Projects Supporting Stronger, More Resilient Health Care
- Table 1.5: Long-Term Care Projects Highlights
Chapter 2: Economic Performance and Outlook
- Table 2.1: Summary of Ontario’s Economic Outlook
- Table 2.2: Private-Sector Forecasts for Ontario Real GDP Growth
- Table 2.3: Private-Sector Forecasts for Ontario Nominal GDP Growth
- Table 2.4: External Factors
- Table 2.5: The Ontario Economy, 2020 to 2025
- Table 2.6: Impact of Sustained Changes in Key External Factors on Real GDP Growth
- Table 2.7: Changes in the Ontario Ministry of Finance Key Economic Forecast Assumptions: 2021 Budget Compared with 2022 Budget
- Table 2.8: Ontario Real GDP Growth Scenarios
- Table 2.9: Ontario Nominal GDP Growth Scenarios
- Table 2.10: Ontario Economic Accounts Release Dates
Chapter 3: Ontario’s Fiscal Plan and Outlook
- Table 3.1: Fiscal Summary
- Table 3.2: 2021–22 In-Year Fiscal Performance
- Table 3.3: Summary of 2021–22 Revenue Changes Since the 2021 Budget
- Table 3.4: Summary of 2021–22 Expense Changes Since the 2021 Budget
- Table 3.5: Summary of Medium-Term Revenue Outlook
- Table 3.6: Selected Economic and Revenue Sensitivities
- Table 3.7: Ontario’s Taxation Revenue Scenarios
- Table 3.8: Summary of Medium-Term Expense Outlook
- Table 3.9: Extraordinary Contingencies and COVID-19 Time-Limited Funding
- Table 3.10: Selected Expense Sensitivities
- Table 3.11: Revenue
- Table 3.12: Total Expense
- Table 3.13: Infrastructure Expenditures
- Table 3.14: 10-Year Review of Selected Financial and Economic Statistics
Chapter 4: Borrowing and Debt Management
- Table 4.1: 2021–22 Borrowing Program and Medium-Term Outlook
- Table 4.2: Progress on Relevant Debt Sustainability Measures
- Table 4.3: Net Debt and Accumulated Deficit
- Table 4.4: Medium-Term Outlook: Net Debt and Accumulated Deficit
Annex: Details of Tax Measures and Other Legislative Initiatives
List of Charts
Ontario’s Economic and Fiscal Outlook in Brief
- Program Expense Growth Excluding COVID-19 Time-Limited Funding
- Ontario Medium-Term Outlook Scenarios
- Ontario Recovery Plan Scenarios
- Borrowing Outlook Scenarios for Long-Term Borrowing
Chapter 1: Ontario’s Plan to Build
- Chart 1.1: Proposed Corridor to Prosperity
- Chart 1.2: Improving High-Speed Internet Access to Every Community
- Chart 1.3: Supporting Ontario Tourism in 2022
- Chart 1.4: Supporting Ontario Businesses
- Chart 1.5: Supporting Workers with Their Training Expenses
- Chart 1.6: Bradford Bypass
- Chart 1.7: Building Transit in the Greater Golden Horseshoe Area
- Chart 1.8: Additional Support from the Proposed LIFT Credit Enhancement
- Chart 1.9: Additional Child Care Support for Families in 2021
- Chart 1.10: Cumulative Number of New Long-Term Care Beds Opening
Chapter 2: Economic Performance and Outlook
- Chart 2.1: Real GDP Recovery for G7 Countries
- Chart 2.2: Rebound in Key Economic Indicators
- Chart 2.3: Employment Recovery in Ontario
- Chart 2.4: Ontario’s Labour Market Improving
- Chart 2.5: Strong Employment Recovery in Ontario
- Chart 2.6: Steeper Increase in Interest Rates Projected
- Chart 2.7: Ontario Real and Nominal GDP Growth to Moderate
- Chart 2.8: Continued Job Gains Projected
- Chart 2.9: Ontario Home Resale Market
- Chart 2.10: Private-Sector Forecasters Project Inflation to Moderate
- Chart 2.11: Range of Ontario GDP Scenario Forecasts
Chapter 3: Ontario’s Fiscal Plan and Outlook
- Chart 3.1: Current Deficit Outlook Compared to 2021 Budget
- Chart 3.2: Ontario Medium-Term Outlook Scenarios
- Chart 3.3: Program Expense Growth Excluding COVID-19 Time-Limited Funding
- Chart 3.4: Composition of Revenue, 2022–23
- Chart 3.5: Composition of Total Expense, 2022–23
Chapter 4: Borrowing and Debt Management
- Chart 4.1: Borrowing Outlook Scenarios for Long-Term Borrowing
- Chart 4.2: 2021–22 Borrowing
- Chart 4.3: Domestic and International Borrowing
- Chart 4.4: Green Bond Allocation by Framework Category
- Chart 4.5: Ontario’s Green Bond Issues
- Chart 4.6: Effective Interest Rate (Weighted Average) on Total Debt
- Chart 4.7: Comparison of Average Annual Ontario Borrowing Rates
- Chart 4.8: Comparison of Interest on Debt Expense Forecast
- Chart 4.9: Weighted-Average Term of Borrowings
- Chart 4.10: Average Unrestricted Liquid Reserve Levels
- Chart 4.11: Net Debt-to-GDP
- Chart 4.12: Net Debt-to-Revenue
- Chart 4.13: Interest on Debt-to-Revenue
- Chart 4.14: Debt Maturities-to-Net Debt
Annex: Details of Tax Measures and Other Legislative Initiatives
- Chart A.1: Proposed LIFT Credit Changes
- Chart A.2: Enhanced Support from the LIFT Credit
- Chart A.3: Examples of Additional Support from an Enhanced LIFT Credit
- Chart A.4: Filling the Gap in Support for Seniors’ Medical Expenses
- Chart A.5: Examples of Additional Support for Seniors’ Medical Expenses
- Chart A.6: Additional Support for Seniors’ Medical Expenses: Couple
Updated: April 28, 2022
Published: April 28, 2022