The Progressive Conservative government’s latest fiscal plan projects a return to balance sooner than previously expected but warns of economic uncertainty
Ontario Premier Doug Ford’s government has tabled a budget that forecasts a return to surplus sooner than previously predicted, while also warning of economic headwinds related to inflation, interest rates and the war in Ukraine.
Real GDP was above prepandemic levels by the third quarter of 2022 and increased by an estimated 3.7 per cent last year. Growth is expected to slow significantly with real GDP only projected to increase by 0.2 per cent this year. Employment growth is also expected to remain relatively stagnant, with a 0.5-per-cent increase projected this year.Ontario’s net debt-to-GDP ratio is projected to be 37.
More seniors could also be eligible for financial support through a proposed expanded eligibility of Guaranteed Annual Income System payments starting in July, 2024. A new manufacturing tax credit, unveiled in a prebudget announcement on Wednesday, would provide a 10-per-cent tax credit up to $2-million for local manufacturers.
Ontario also plans to beef up its health care work force with an additional $33-million over the next three years to accelerate the rollout of training seats for doctors, resulting in an additional 100 undergraduate and 154 postgraduate positions. The government is also accelerating its planned spending in home and community care, increasing the amount in the coming fiscal year to $569-million, with more than half to go toward increasing wages for personal support workers and other staff.
Transit capital spending will total around $70.5-million over the next decade – about the same as the projection for school and hospital construction combined. The bulk of the money will go to new or expanded subway lines in Toronto, as well as increased capacity of the regional GO train commuter network.
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