Ontario’s 2023 Budget
The Ontario Progressive Conservative government is poised to table their 2023 budget on Thursday.
Very few information have been published as to what will be in the budget; nevertheless, the government has been dropping a series of business-friendly statements over the previous few weeks, including a tax credit for manufacturers.
The Ontario government is expected to table their budget about 4 p.m.
There will also likely be large investments in health care, long-term and home care, and roadway infrastructure.
The budget will show “discipline,” according to Finance Minister Peter Bethlenfalvy, who previously utilised this occasion to introduce voter-friendly affordability programmes. This was reaffirmed earlier this week when Bethlenfalvy declared that his administration would address the budget in a “responsible, planned manner.”
Afterwards, he made it clear that this does not imply greater budget cuts.
The government will likely attempt to significantly lower the provincial deficit in this year’s budget. The government has previously announced it expects to cut the deficit down to $700 million by 2024-2025.
Ontario has revealed a $6.5 billion deficit for the fiscal year 2022–2023, which is an improvement of $6.4 billion from its fall economic statement.
The Association of Municipalities of Ontario previously stated towns could be short nearly $5 billion as a result of the new bill. In Toronto alone, the loss of development charges will cost around $230 million.
The PCs have previously promised to make communities “whole” if they can’t pay the housing schemes. Steve Clark, the minister of municipal affairs and housing, announced that the province would also begin an external examination of municipal finances in “chosen towns.”