What Ontario’s Re-Tabled Budget Means for Your Business
With the provincial election in the rear-view mirror, the Ford government re-tabled their on August 9, titled: Ontario’s Plan to Build. The document was first released in April of 2022 by the Ford government; however, the legislature was put on pause due to the upcoming election that took place in June which once again saw a victorious campaign for the Doug Ford office.
Many businesses are wondering what a re-tabled budget means and whether this new version is much different than the original Spring copy. Essentially, since the original cabinet that tabled the 2022 Ontario budget back in April was at the end of their term, the document that they produced had the potential to be replaced should another party have taken the majority in the June election. Therefore, although many of the members responsible for the re-tabled budget this August are the same as before, including Mr. Ford himself, the party was required to re-submit their plan and are afforded the opportunity to make changes to it if they saw fit.
Although the re-tabled budget is virtually the same as the original, there have been a few minor changes brought forth, such as a five percent rise in support to the Ontario Disability Support Program (ODSP). The budget has also allotted approximately $225 million for parents in the province to help their children with costs related to catching up in their schooling.
“Parents who know their children best can provide the tutoring type support that their children need. I understand that the environment is difficult and challenging, and that’s why we made a commitment to increase it by five per cent, that’s why we made a commitment to adjust it to inflation, and we’re one of only three provinces doing that.”Peter Bethlenfalvy, Ontario Minister of Finance
Understanding the 2022 Ontario Budget
The total cost of the budget will land at approximately $200 billion in spending and focus on core concerns in Ontario, such as health care, transportation, and taxes. We encourage readers to see our comprehensive review of the Ontario Budget 2022 which has remained nearly unchanged. The Five pillars of the budget will cover:
- Rebuilding Ontario’s Economy: Investing in large economic drivers such as manufacturing and automotive industries and improving infrastructure for businesses such as reliable high-speed internet;
- Working for Workers: Investing in skilled trades training, upgrading skills in the work force, and creating and retaining more jobs for Ontarians;
- Building Highways and Infrastructure: Building Highway 413, investing in schools, and accelerating construction projects throughout the province;
- Keeping Costs Down: Investing in the housing crisis to create more units for families and young professionals, providing a relief for income tax, and lowering childcare fees; and
- A Plan to Stay Open: Investing heavily in the province’s healthcare units, biomanufacturing facilities and products, and improving jobs for nurses and other healthcare professionals.
Government Funding for Ontario Businesses
There are a lot of government funding programs for Ontario businesses designed to help with the four key funding activities: hiring & training, research & development, capital & technology adoption, andbusiness expansion.
To learn more about the top government funding programs available for Ontario businesses, consider visiting the Ontario Government Funding Directory, or getting in touch with a government funding expert today.