Canadian Manufacturing

Ontario adds $2.2B in COVID-19 spending to prepare for uncertainty around variants

The deficit projection is being revised by $700 million, down to $32.4 billion.

August 12, 2021  The Canadian Press

Ontario is putting an additional $2.2 billion toward COVID-19 spending, amid ongoing uncertainty about variants of concern.

Finance Minister Peter Bethlenfalvy released the province’s 2021-22 first quarter finances on Aug. 12, and says it’s important to have resources available to prepare for potential future surges in the pandemic.

Revenue projections are $2.9 billion higher than in the budget, due to stronger economic growth and increased transfers from the federal government.

The deficit projection is being revised by $700 million, down to $32.4 billion.

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Bethlenfalvy didn’t specify what the $2.2 billion in new spending would go toward, saying it’s available for the government to use to protect people’s health and the economy as needed.

The increased revenues include $1.9 billion from the federal government and another approximately $1 billion from corporate taxes and land transfer taxes.