2021 Fall Economic Statement

Today Minister of Finance Peter Bethlenfalvy released the 2021 Ontario Economic Outlook and Fiscal Review: Build Ontario. The plan lays out how the Government intends to build the foundation for Ontario’s recovery by focusing on infrastructure, attracting investment and restoring leadership in auto manufacturing and other industries.


The Fall Economic Statement is divided into three sections: “Protecting Our Progress”; “Building Ontario”, and “Working for Workers”.

Protecting Our Progress focuses on strengthening Ontario’s health and long-term care sector. This includes investing in hospitals to reduce backlog, training and hiring new and upskilled healthcare workers, expanding home and community care, extending the Seniors’ Home Safety Tax Credit, increasing long-term care capacity, and supporting schools and congregate care settings through investments in PPE and HEPA filters.

Building Ontario focuses on infrastructure investments in highways, hospitals, housing and broadband across the province. This includes committed funding to build and advance the Bradford Bypass and Highway 413, building the Ring of Fire, investing in the Ontario Community Infrastructure Fund, building and renovating schools, and expanding the Toronto subway.

Working for Workers focuses on investments to support workers and economic development across the province. This includes raising the minimum wage, extending the Ontario Jobs Training Tax Credit, investing in the Skilled Trades Strategy and Second Career Program, encouraging entrepreneurship through investing in supports for young entrepreneurs, and supporting the tourism, hospitality and culture sectors with the Ontario Staycation Tax Credit.

For 2021-22, the Government is projecting a deficit of $21.5 billion, $11.6 billion lower than the outlook published in the 2021 Budget. Over the medium term, the Government projects steadily declining deficits of $19.6 billion in 2022–23 and $12.9 billion in 2023–24, an improvement of $8.1 billion and $7.2 billion, respectively, relative to the outlook presented in the 2021 Budget.

AMCTO Member and Municipal Interests

The Government is doubling its annual investment in the Ontario Community Infrastructure Fund program. This additional multi-year investment of $1 billion will bring the total investment to nearly $2 billion over the next five years beginning in 2021–22.

AMCTO staff will continue to review the 2021 Ontario Economic Outlook and Fiscal Review in the coming days for AMCTO member and municipal interests, opportunities and risks.

2021 Ontario Economic Outlook and Fiscal Review: Build Ontario

News Release: Province Releases the 2021 Fall Economic Statement