Province Releases Fall Economic Statement

Yesterday, Minister of Finance Peter Bethlenfalvy released the 2022 Ontario Economic Outlook and Fiscal Review – Ontario’s Plan to Build: A Progress Update.

Some highlights include:

  • Automatically matching property tax reductions for small businesses within all municipalities that adopt the small business property subclass.
  • Making changes that would allow a person with a disability on the Ontario Disability Support Program (ODSP) to keep more of the money they earn by increasing the monthly earnings exemption from $200 to $1,000 per month. 
  • Investing an additional $40 million in 2022–23, for a total of $145 million for the latest round of funding in the Skills Development Fund.
  • Proposing to extend the cuts to the gas tax and fuel tax rates so that the rate of tax on gasoline and fuel (diesel) would remain at 9 cents per litre until December 31, 2023.

The government is now projecting a $12.9 billion deficit in 2022-23, nearly $7 billion lower than the outlook published in the 2022 Budget. Over the medium term, the government projects declining deficits of $8.1 billion in 2023-23 and $0.7 billion in 2024-25. Including 2022-23, this represents a cumulative improvement of $18.1 billion in the deficit outlook and a cumulative $26.1 billion reduction in borrowing needs comparied to the 2022 Budget.

AMCTO staff will be reviewing the Fall Economic Statement for impact to our members. 

News Release: Ontario Delivers Progress Report and Advances its Plan to Build

2022 Ontario Economic Outlook and Fiscal Review - Ontario's Plan to Build: A Progress Update