Delivering on Our Plan to Build Ontario
Ontario has a plan that is working. Despite challenging economic times, our government has held true to a plan that focuses on the fundamentals that matter most to Ontario families.
Creating better jobs with bigger paycheques.
Building highways, transit and other infrastructure.
Working for workers.
Keeping costs down.
And delivering better services for you.
We’ve done all of this as part of our fiscally responsible plan to balance the budget and restore Ontario’s credit ratings. Thanks to the success of this plan, today, our government is in a position to do more, build more, and give more back to the people of our province.
And we need to, because we are facing enormous challenges — from historic population growth to rising geopolitical and economic uncertainties.
A Historic Turnaround
Getting to this point was not automatic nor guaranteed. Ontario has come a long way.
When our government took office in 2018, high taxes, government fees and soaring energy costs drove jobs and investment out of the province, making life far too expensive for working families. Manufacturing had been on the decline, hollowing out one of the engines of Ontario’s economy, and leading to the loss of 300,000 jobs. Ontario’s infrastructure was deteriorating and failing to meet the needs of people and businesses. And, our debt was climbing, with interest payments squeezing out other priorities.
Over the last six years, despite significant global challenges, a pandemic, and economic headwinds, our plan to build Ontario has been turning things around. We’re rebuilding Ontario’s economy.
We’ve reduced the cost of doing business in Ontario by nearly $8 billion this year, as well as cutting costly red tape, benefiting businesses, families and the broader economy.
We’re fighting the job-killing carbon tax and proposing to extend the temporary cuts to the gas tax while reducing government fees and energy rates for families and businesses.
We’re investing in infrastructure with the most ambitious plan in Ontario’s history, to deliver the highways, transit, hospitals, high-speed internet, housing-enabling infrastructure, and schools our growing province needs.
We’re building energy infrastructure, including the largest expansion of nuclear power plants in North America, to help keep energy reliable and affordable for decades to come, and to create new opportunities to export Ontario-made energy across the continent.
And we’re bringing back sound fiscal management to Ontario, restoring our provincial credit rating and increasing revenues by growing our economy — without raising taxes on hard-working families.
The result is clear: Ontario is growing rapidly, creating over 860,000 new jobs since 2018 and attracting tens of billions of dollars in new investments.
But we aren’t there yet. We still have a job to do. And we need the resolve and ambition to get it done.
That’s why we need to double down on our plan to invest in growth and infrastructure and improve services, while keeping costs down for families and businesses.
Creating Jobs
The core of our economic recovery is the creation of better jobs and bigger paycheques. With more people moving to Ontario than ever before, we need our economy to keep up — and the resources and energy to fuel it. And we are up against international competitors who are trying just as hard as we are to push investments and jobs to their jurisdictions instead of ours.
While under the previous governments, Ontario lost more than 300,000 manufacturing jobs; today, we are seeing manufacturing jobs and investment finally coming back to Ontario.
Today, Ontario is a world leader in attracting electric vehicle (EV) and EV battery manufacturing investments, with more than $44 billion over the past four years — second only to Michigan in North America.
This includes $15 billion from Honda announced earlier this year, to create four new manufacturing plants in Ontario. That’s in addition to historic investments from Stellantis in Windsor, Volkswagen in St. Thomas, and Goodyear in Napanee.
In Sault Ste. Marie, Ontario workers will soon be producing clean, low-emissions steel to supply manufacturers such as to these new auto plants.
And to complete the province’s homemade EV supply chain, we are the first government to meaningfully advance work to build an all-season road to the Ring of Fire. This will unlock the prosperity and economic potential of critical minerals in Ontario’s North in partnership with First Nations and Northern communities.
Ontario must compete and win in other parts of the economy too.
Since its launch in 2020, Invest Ontario has helped attract $4.1 billion in investments, which are expected to create 4,012 jobs in areas such as advanced manufacturing, life sciences and technology. To build on this success, we’re allocating an additional $100 million for the Invest Ontario Fund, bringing the total size of the fund to $700 million.
Ontario’s life sciences sector is booming, with global leaders like Moderna, Roche and AstraZeneca investing in Ontario. The first phase of our government’s life sciences strategy has helped attract total investments reaching $5 billion and create 5,000 jobs in the life sciences sector.
We are investing a total of $146 million to create new opportunities in health technology, medicine and vaccine manufacturing.
Ontario’s rapid growth and the electrification of the economy — from EV adoption to the use of artificial intelligence — is going to increase the province’s demand for electricity far beyond what we can currently produce.
Unlike previous governments, we won’t be caught off guard.
That is why we are responding with the most ambitious energy plan in Ontario’s history — one that will provide an abundant supply of reliable and affordable electricity for generations.
Nuclear energy is at the core of this plan. We are refurbishing the Darlington and Bruce Nuclear Generating Stations, on time and on budget, as we work to secure more power for Ontario’s growing economy.
We’re building a diversified and reliable power grid that Ontarians can count on, including investing in small modular reactors, maintaining a role for natural gas and refurbishing hydroelectric stations, such as the Sir Adam Beck Complex at Niagara Falls.
With over 860,000 jobs added since 2018, our government’s plan to rebuild the economy is working. But in an uncertain global environment, it’s more important than ever to stick to this plan so we can keep building Ontario.
Building Highways, Transit and Other Infrastructure
One of the biggest drags on Ontario’s economy is gridlock on our roads. There is no less productive time in a person’s week than the time they spend sitting in traffic.
That is why we are investing more than $191 billion over 10 years in the largest infrastructure plan in our province’s history.
This includes more than $27.8 billion to build and repair roads and highways and $68.2 billion to build and improve public transit, so we can get people across Ontario out of gridlock and get them where they need to go.
Ontario continues to move ahead with building Highway 413, with plans to have shovels in the ground for early works next year. Construction on Highway 413 will support up to 3,500 jobs and contribute $350 million to Ontario’s economy each year, and save drivers travelling from Halton Region through Peel and Caledon to York Region up to 30 minutes each way during rush hour.
Likewise, we have begun work on the Bradford Bypass, which will save daily commuters in York Region and Simcoe County hours each week, contribute $286 million to our economy and directly support up to 2,200 jobs each year of construction.
In Windsor and Ottawa, we are supporting the advancement of new highway interchanges to ease traffic congestion and get people moving.
In Durham Region, we are working to expand and widen Highway 401, helping fight gridlock and increase the capacity of this critical trade corridor for drivers in the Greater Toronto Area (GTA) and across Ontario.
We will expand Highway 7 from two to four lanes from west of Reesor Road in Markham, east to Brock Road in Pickering, to support the development of the City of Pickering’s Innovation Corridor.
We’re also moving ahead with highways in Northern Ontario to improve access and mobility throughout the region. Meanwhile, 12 years after its cancellation, our government is bringing back the Northlander to help connect communities from Timmins to Temagami all the way down to Toronto.
And in Toronto, we are making progress across the entire Ontario Line, which will bring nearly 230,000 people within walking distance of fast and convenient public transit.
This is a good start, but we know there is so much more to do. That’s why we are also investing in major transit projects throughout the GTA, including the Eglinton Crosstown West Extension, the Finch West Light Rail Transit (LRT), the Yonge North Subway Extension, the Scarborough Subway Extension, and the Hazel McCallion LRT, which will run through Mississauga and extend to downtown Brampton.
That is also why we are exploring bold new ideas like a tunnel expressway under the 401. Because when it comes to fighting gridlock, we are not going to leave any options off the table.
This government also knows that it cannot accomplish its goals alone. This is why we are working with economic centres like Toronto and Ottawa, as well as smaller communities across the province, to ensure they have the funding they need to build infrastructure in their communities.
That includes investing billions in municipal housing-enabling infrastructure, to help build more homes and keep the dream of homeownership alive.
And over the next two years, we’re increasing the Ontario Municipal Partnership Fund by $100 million, to help predominantly small, rural and Northern municipalities meet the needs of their growing communities.
Ontario’s plan to build is ambitious and necessary. By continuing to invest prudently and responsibly, we are laying the groundwork for economic growth and thriving communities throughout the province.
Keeping Costs Down
While Ontario’s economy is growing, many people are still having a hard time making ends meet.
Ontario did not create Canada’s inflation crisis and high interest rates, but it was Ontario families and small businesses who were forced to grapple with the consequences. Even today, as inflation and interest rates have started to fall, the long-term impact of those skyrocketing costs continues to hit many families hard.
Making matters worse, the federal government continues to punish hard-working families with the high cost of a carbon tax.
While other governments continue to shirk their responsibility to provide relief, and raise taxes instead, our government is choosing to lead.
Inflation and our growing economy have brought in unexpected tax revenues. Even after reducing the deficit and making the investments we need to support our growing province, the government has been able to put some of this money into the pockets of the people of Ontario.
That’s why, as we continue to fight the federal carbon tax, we’re proposing to extend the temporary gas and fuel tax cuts to June 30, 2025, saving the average household $380 since July 1, 2022.
But we know that more needs to be done, particularly since the federal government plans to increase its job-killing carbon tax again next year.
That’s why, in early 2025, our government is proposing to provide a taxpayer rebate of $200 to eligible Ontario taxpayers, as well as for each of their children. Based on this proposal, a family of five would receive $1,000, helping them to manage high expenses.
These are your hard-earned taxpayer dollars and another example of this government putting money back into your pocket. In fact, through this action and others like it, we’re saving individuals and families nearly $12 billion this year alone.
This includes continuing to help drivers and commuters save money by cutting costly fees and fares. Through One Fare, we’re saving the daily transit user an average of $1,600 each year by eliminating double fares on participating transit systems throughout the Greater Golden Horseshoe.
And by eliminating the licence plate sticker fee, we have saved the average household $600 to date. We are also freezing fees for knowledge tests and road tests for drivers and banning any new tolls on provincial highways.
Finally, we’re continuing to support students and their families by maintaining the tuition freeze at publicly funded colleges and universities. This freeze continues to save an estimated $1,600 per year for students who attend a university and $350 per year for students who attend a public college.
Delivering Better Services for You
Even as we hold the line against new taxes or fees for Ontario families, our work to rebuild Ontario’s economy has helped increase provincial revenues by almost $59 billion compared to 2018.
As a result, our government has been able to significantly increase investments in government services like health care and education that Ontario families rely on every day.
Even as we invest $50 billion in more than 50 new and upgraded hospitals provincewide, we’re also investing in the doctors and nurses necessary to staff these facilities. We are building on the success of the Learn and Stay Grant, which provides full, upfront tuition and related funding for students in nursing, paramedicine or medical lab technology programs, provided they stay and work in underserved communities after graduation. We’re expanding this program to include medical school students who commit to work as family doctors in a community practice anywhere in the province.
This funding will help even more students enter in-demand careers that help ensure our health care system can meet the needs of Ontario communities. This will help us achieve our government’s ambitious goal to connect everyone in Ontario to a family doctor or other primary health care provider within five years. We’ve enlisted one of Canada’s leading experts, Dr. Jane Philpott, to get us across the finish line.
Our government’s investment to expand the Learn and Stay Grant to include future family doctors builds on the ongoing work we are doing to expand the number of health care staff in Ontario, including new medical schools at Toronto Metropolitan University and York University and the ongoing expansion of medical seats at six other medical schools across the province.
As we strengthen our health care system, our government is also looking to strengthen and support families in our communities. We recognize the unique challenges many people in Ontario face when it comes to starting a family, including barriers such as cost and location.
We believe strong families help build strong communities, which is why we are investing $150 million over the next two years to reduce the cost barriers and help more families seeking fertility treatments, so people across the province can achieve their dream of becoming parents. In 2025, we will introduce additional support to families who are seeking fertility treatment, through a new tax credit, which would cover up to 25 per cent of eligible fertility treatment expenses for Ontario residents.
These same families deserve to live in safe communities.
This is why our government announced earlier this year we’re investing $134 million to purchase new police helicopters to support patrols and improve response times.
And we continue to call on the federal government to take immediate action to further strengthen Canada’s bail system to reduce violent crime in local communities.
The government is also making sure children have healthy learning environments. That’s why we are investing $23 billion, including $16 billion in capital grants over the next 10 years, to build and upgrade the schools that make up our world-class education system.
Working for Workers
None of Ontario’s growth would be possible without our world-class workers.
Since taking office, we’ve invested $1.4 billion through our Skills Development Fund to help train workers for good-paying jobs in in-demand sectors such as manufacturing, construction and health care. In addition, our Skills Development Fund Capital Stream is helping fund training centres from Thunder Bay to Vaughan to Ottawa.
We’re creating new opportunities for workers by attracting jobs and investment, and putting them first through our Working for Workers legislation.
We’re also ensuring the next generation of workers is prepared to succeed, with practical, hands-on learning in our schools, colleges and universities, to ensure students have the skills they need to find good-paying jobs that meet the needs of the economy.
And we’re helping workers save for retirement too, by establishing a permanent regulatory framework for target benefits. The framework enhances the sustainability of these workplace pension plans, which supports a secure stream of income for workers and paves the way for more employers to offer them.
As Ontario grows, our government remains laser-focused on ensuring that Ontario workers can enjoy the benefits of that growth, with better jobs and bigger paycheques in communities across the province.
Balancing the Budget
The reason Ontario can make the investments we need, while keeping taxes and fees low, is because of the prudent and responsible management of the province’s finances.
Ontario’s finances are in better shape today than they have been in decades. Earlier this year, Ontario received a credit rating upgrade, reversing a trend of downgrades under the previous government.
We are committed to balancing the budget, with a projected surplus of $0.9 billion by 2026−27. This is an improvement compared to the 2024 Budget outlook.
Ontario is proving that a clear plan, coupled with competent and responsible fiscal management, gets rewarded — benefiting taxpayers today and tomorrow with lower debt and interest costs.
The people of Ontario expect their government to invest and manage their hard-earned tax dollars responsibly. They know that the wasteful spending and underinvestment of previous governments only resulted in higher taxes, service cuts and infrastructure deficits.
Our government’s 2024 Economic Outlook and Fiscal Review supports investments across the province, while keeping costs down, to make Ontario the best place to live, work and raise a family.
Original signed by
The Honourable Peter Bethlenfalvy
Ontario’s Minister of Finance