Ontario releases budget
by CM Staff
Due to higher-than-projected taxation revenues, the government is projecting a deficit of $18.8 billion in 2022-23, an improvement of $1.1 billion from the outlook presented in the 2022 Budget.
TORONTO — As part of its attempt to implement the 2022 Budget and build a stronger Ontario for workers, businesses and families, the Ontario government today re-introduced the Plan to Build Act (Budget Measures), 2022.
“I am pleased to re-introduce the Plan to Build Act (Budget Measures), 2022 bill today so our government can continue delivering Ontario’s Plan to Build, supporting better jobs for workers while building more highways, housing and hospitals right across the province,” said Peter Bethlenfalvy, Minister of Finance. “With costs rising, our plan also includes measures to help families, including new direct payments to parents to help their kids catch up and increasing Ontario Disability Support Program payments.”
To help those who qualify for disability support, the government is delivering on its commitment to increase the rates for income support by five per cent beginning in September 2022, for families and persons under the Ontario Disability Support Program (ODSP). Beginning in September, the government will increase both the ODSP rate and the Assistance for Children with Severe Disabilities Program maximum monthly amount by five per cent. Future ODSP rates will also be adjusted to inflation.
The additional investment in tutoring supports and increased ODSP rate will be funded from existing contingencies contained in the government’s fiscal plan as presented in the 2022 Budget.
Building on the Province’s record of transparency and accountability, the government also released the 2022-23 First Quarter Finances today, which provides updated information about the evolution of Ontario’s economic and fiscal outlook since the 2022 Budget for the 2022-23 fiscal year. Due to higher-than-projected taxation revenues, the government is projecting a deficit of $18.8 billion in 2022-23, an improvement of $1.1 billion from the outlook presented in the 2022 Budget.
“We have a prudent and flexible plan which builds on our record of responsible fiscal management, while making the investments that will reduce commute times, support front-line health care and help create good jobs,” said Minister Bethlenfalvy. “In a time of economic uncertainty, our government is supporting Ontario workers and families by putting more money back into their pockets.”