The Honourable Peter Bethlenfalvy, Minister of Finance
Table of Contents
Minister’s Foreword
- Delivering on Our Plan to Build Ontario
- A Historic Turnaround
- Creating Jobs
- Building Highways, Transit and Other Infrastructure
- Keeping Costs Down
- Delivering Better Services for You
- Working for Workers
- Balancing the Budget
Ontario’s Economic and Fiscal Outlook in Brief
- Ontario’s Economic and Fiscal Outlook in Brief
- Ontario’s Economic Outlook
- A Strong Foundation for the Next Generation
- Ontario’s Fiscal Plan
- Borrowing and Debt Management
- A Capital Plan to Build a Better Ontario
Chapter 1: Building Ontario for You
Section A: Building Ontario
Section B: Working for You
- Keeping Costs Down
- Better Services for You
- Making Health Care More Connected and Convenient
- Supporting Individuals with Developmental Disabilities
- Building on the Success of Seniors Active Living Centres
- Building and Expanding Hospitals
- Building Long-Term Care Homes
- Building an Education System That Delivers for Kids
- Putting Beer, Wine, Cider and Coolers in Convenience Stores, Grocery Stores and Big-Box Stores
- Protecting You and Your Family
- Providing More Choice and Better Access to Automobile Insurance Benefits
- Protecting Ontario Consumers
- Working for Workers
Chapter 2: Economic Performance and Outlook
Chapter 3: Ontario’s Fiscal Plan and Outlook
- Introduction
- Key Changes in 2024–25 Since the 2024 Budget
- Medium-Term Fiscal Plan
- Leadership in the Federation and Standing Up for the People of Ontario
- Transparency and Risks
- Agency Oversight
- Summary of Significant Accounting Policies
- Details of Ontario’s Finances
Chapter 4: Borrowing and Debt Management
- Introduction
- Borrowing Program
- Sustainable Bond Program
- Cost of Debt
- Ensuring Adequate Liquidity Levels
- Progress on the Debt Burden Reduction Strategy
Annex: Details of Tax Measures and Other Legislative Initiatives
- Overview
- Extending and Enhancing the Time-Limited Tax Relief for the Electricity Distribution Sector
- Continuing to Extend the Temporary Gasoline Tax and Fuel Tax Rate Cuts
- Providing a Taxpayer Rebate
- Responding to the Federal Alternative Minimum Tax Increases
- Concluding the Tax Review
- Summary of Measures
- Technical Amendments
Consultations on Building Ontario for You
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: 2024 Budget Compared to the 2024 Ontario Economic Outlook and Fiscal Review
- Ontario’s Medium-Term Fiscal Plan — Details
- Ontario Real GDP Growth Scenarios
- Ontario Nominal GDP Growth Scenarios
- 2024–25 Borrowing Program and Medium-Term Outlook
- Infrastructure Expenditures
Chapter 1: Building Ontario for You
- Table 1.1 Recently Completed Highway Projects
- Table 1.2 Building and Expanding Hospitals
- Table 1.3 School Projects Opening for the 2024–25 School Year
- Table 1.4 Continuing to Get Shovels in the Ground to Build More Schools
- Table 1.5 LCBO Net Income Forecasts
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: 2024 Budget Compared to the 2024 Ontario Economic Outlook and Fiscal Review
- 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
Chapter 3: Ontario’s Fiscal Plan and Outlook
- Table 3.1 Fiscal Summary
- Table 3.2 2024–25 In-Year Fiscal Performance
- Table 3.3 Key Changes to 2024–25 Revenue Projections
- Table 3.4 Key Changes to 2024–25 Total Expense Projections
- Table 3.5 Summary of Medium-Term Revenue Outlook
- Table 3.6 Ontario’s Taxation Revenue Scenarios
- Table 3.7 Summary of Medium-Term Expense Outlook
- Table 3.8 Total Revenue
- Table 3.9 Total Expense
- Table 3.10 Infrastructure Expenditures
- Table 3.11 10-Year Review of Selected Financial and Economic Statistics
Chapter 4: Borrowing and Debt Management
- Table 4.1 2024–25 Borrowing Program and Medium-Term Outlook
- Table 4.2 Progress on Relevant Debt Sustainability Measures
Annex: Details of Tax Measures and Other Legislative Initiatives
List of Charts
Ontario’s Economic and Fiscal Outlook in Brief
- Ontario Net Debt-to-Revenue Ratio
- Ontario Interest on Debt-to-Revenue Ratio
- Ontario Fiscal Outlook Scenarios
- Ontario Net Debt-to-GDP Ratio
- Borrowing Outlook Scenarios for Long-Term Borrowing
Chapter 1: Building Ontario for You
- Chart 1.1 Top Five U.S. Destinations for Ontario Exports in 2023
- Chart 1.2 Supporting Ontario Businesses
- Chart 1.3 Highway 413 Project Route
- Chart 1.4 Bradford Bypass Project Route
- Chart 1.5 Highway Projects Underway in Southwestern Ontario
- Chart 1.6 Building Transit in the Greater Golden Horseshoe
- Chart 1.7 One Fare Program
- Chart 1.8 Select Measures That Provide Relief to Families and Individuals
- Chart 1.9 Illustration of Potential Ontario Fertility Treatment Tax Credit
- Chart 1.10 Ontario Alcohol Market Share by Volume in Litres
Chapter 2: Economic Performance and Outlook
- Chart 2.1 Ontario Real GDP Growth Outpaces Canada
- Chart 2.2 Ontario Unemployment Rate
- Chart 2.3 Ontario Population and Employment Growth
- Chart 2.4 Ontario Consumer Price Inflation Moderates
- Chart 2.5 Ontario Nominal GDP Growth Projected to Strengthen
- Chart 2.6 Global Real GDP Growth Projections
- Chart 2.7 Policy Interest Rates, Selected Economies
- Chart 2.8 Share of Ontario Merchandise Exports by Destination
- Chart 2.9 Bank of Canada Has Begun Easing Policy Interest Rate
- Chart 2.10 Ontario Employment Growth Projected to Continue
- Chart 2.11 Compensation and Household Spending Growth to Continue
- Chart 2.12 Inflation Projected to Ease
- Chart 2.13 Housing Market Projected to Rebound in 2025 and Beyond
- Chart 2.14 Range of Ontario GDP Scenario Forecasts
Chapter 3: Ontario’s Fiscal Plan and Outlook
- Chart 3.1 Current Surplus/(Deficit) Outlook Compared to the 2024 Budget
- Chart 3.2 Ontario Fiscal Outlook Scenarios
- Chart 3.3 Composition of Revenue, 2024–25
- Chart 3.4 Composition of Expense, 2024–25
Chapter 4: Borrowing and Debt Management
- Chart 4.1 Borrowing Outlook Scenarios for Long-Term Borrowing
- Chart 4.2 2024–25 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 Average Annual Ontario Borrowing Rate Forecast
- Chart 4.8 Interest on Debt Expense Lower than 2024 Budget 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: October 30, 2024
Published: October 30, 2024