The Honourable Peter Bethlenfalvy, Minister of Finance
Table of Contents
Minister’s Foreword
- Delivering on Our Plan to Build Ontario
- Rebuilding Ontario’s Economy
- Building Infrastructure, Highways and Transit in Your Community
- Working for Workers
- Keeping Your Costs Down
- Better Services for You
- A Plan to Build Ontario
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 Fiscal Plan
- Borrowing and Debt Management
- A Capital Plan to Build a Better Ontario
Chapter 1: Building a Better Ontario
Section A: Building Ontario
Section B: Working for You
- Working for Workers
- Keeping Costs Down
- Better Services for You
- Making Health Care More Connected and Convenient
- Building and Expanding Hospitals to Improve Care
- Building Long-Term Care Homes
- Getting Back to Basics in Education
- Supporting Students with Special Education Needs
- Building Schools and Child Care Spaces
- Supporting Efficiency, Transparency and Accountability in the Postsecondary Education Sector
- Reducing Red Tape
- Strengthening Provincial Agencies
- Expanding Protected Areas and Provincial Green Spaces
- Protecting You and Your Family
- Modernizing Financial Services and Capital Markets to Protect Consumers
Chapter 2: Economic Performance and Outlook
Chapter 3: Continuing to Invest in the Plan to Build: Ontario’s Fiscal Plan and Outlook
- Introduction
- 2023–24 Interim Fiscal Performance
- Medium-Term Fiscal Plan
- Transparency and Risks
- Details of Ontario’s Finances
Chapter 4: Borrowing and Debt Management
- Introduction
- Borrowing Program
- Sustainable 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
- Simplifying the Ontario Computer Animation and Special Effects Tax Credit
- Extending the Temporary Gas Tax and Fuel Tax Rate Cuts
- Reviewing Ontario’s Tax System
- Property Assessment and Taxation Review
- Reviewing Alcohol Taxation and Fees
- Summary of Measures
- Technical Amendments
List of Tables
Ontario’s Economic and Fiscal Outlook in Brief
- Summary of Ontario’s Economic Outlook
- Changes in the Ontario Ministry of Finance Key Economic Forecast Assumptions:
2023 Budget Compared to the 2024 Budget - Details of Ontario’s Fiscal Plan
- Ontario Real GDP Growth Scenarios
- Ontario Nominal GDP Growth Scenarios
- 2023–24 Borrowing Program and Medium-Term Outlook
- Progress on Relevant Debt Sustainability Measures
- Infrastructure Expenditures
Chapter 1: Building a Better Ontario
- Table 1.1 Examples of Recently Approved and Completed Projects Under the Ontario Community Infrastructure Fund
- Table 1.2 Recently Completed Highway Projects
- Table 1.3 School Projects Opening in the 2023–24 School Year
- Table 1.4 Continuing to Get Shovels in the Ground to Build More Schools
Chapter 2: Economic Performance and Outlook
- Table 2.1 Summary of Ontario’s Economic Outlook
- Table 2.2 Changes in the Ontario Ministry of Finance Key Economic Forecast Assumptions: 2023 Budget Compared to the 2024 Budget
- Table 2.3 Private-Sector Forecasts for Ontario Real GDP Growth
- Table 2.4 Private-Sector Forecasts for Ontario Nominal GDP Growth
- Table 2.5 External Factors
- Table 2.6 Ontario’s Economic Outlook
- Table 2.7 Impact of Sustained Changes in Key External Factors on Real GDP Growth
- 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: Continuing to Invest in the Plan to Build: Ontario’s Fiscal Plan and Outlook
- Table 3.1 Fiscal Summary
- Table 3.2 2023–24 In-Year Fiscal Performance
- Table 3.3 Summary of 2023–24 Revenue Changes Since the 2023 Budget
- Table 3.4 Summary of 2023–24 Expense Changes Since the 2023 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 Selected Expense Sensitivities
- Table 3.10 Total Revenue
- Table 3.11 Total Expense
- Table 3.12 Infrastructure Expenditures
- Table 3.13 10-Year Review of Selected Financial and Economic Statistics
Chapter 4: Borrowing and Debt Management
- Table 4.1 2023–24 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
- Current Fiscal Outlook Compared to the 2023 Budget and 2023 Ontario Economic Outlook and Fiscal Review
- Ontario Fiscal Outlook Scenarios
Chapter 1: Building a Better Ontario
- Chart 1.1 Supporting Ontario Businesses
- Chart 1.2 Highway 413 Project Route
- Chart 1.3 Bradford Bypass Project Route
- Chart 1.4 Building Transit in the Greater Golden Horseshoe
- Chart 1.5 Select Measures That Provide Relief to Families and Individuals
- Chart 1.6 Ontario’s Non-Resident Speculation Tax Timeline
- Chart 1.7 Ontario Parks Electrifying and Creating New Campsites
Chapter 2: Economic Performance and Outlook
- Chart 2.1 Ontario’s Strong Employment Growth
- Chart 2.2 Performance of Other Key Economic Indicators in 2023
- Chart 2.3 Ontario’s Real GDP Growth Moderated in 2023
- Chart 2.4 Ontario’s Consumer Price Inflation Moderating
- Chart 2.5 Ontario Nominal GDP Growth Projected to Moderate
- Chart 2.6 Global Real GDP Growth Projections
- Chart 2.7 Global Supply Chain Pressures Have Eased
- Chart 2.8 Bank of Canada Raised Policy Interest Rate Significantly
- Chart 2.9 Ontario Unemployment Rate to Remain Below Historical Average
- Chart 2.10 Canadian Households Paying More Interest
- Chart 2.11 Inflation Projected to Ease
- Chart 2.12 Making Progress on Housing Supply
- Chart 2.13 Housing Affordability Impacted by Higher Mortgage Costs
- Chart 2.14 Housing Market Projected to Rebound
- Chart 2.15 Range of Ontario GDP Scenario Forecasts
Chapter 3: Continuing to Invest in the Plan to Build: Ontario’s Fiscal Plan and Outlook
- Chart 3.1 Current Fiscal Outlook Compared to the 2023 Budget and 2023 Ontario Economic Outlook and Fiscal Review
- Chart 3.2 Sources of Revenue Changes Since the 2023 Budget
- Chart 3.3 Ontario Fiscal Outlook Scenarios
- Chart 3.4 Composition of Total Revenue, 2024–25
- Chart 3.5 Composition of Total Expense, 2024–25
Chapter 4: Borrowing and Debt Management
- Chart 4.1 Borrowing Outlook Scenarios for Long-Term Borrowing
- Chart 4.2 2023–24 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 Rate Forecast
- 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
Updated: March 26, 2024
Published: March 26, 2024