The Province has provided a quarterly update on Ontario’s finances which points to a stronger economic outlook.
Peter Bethlenfalvy, Ontario’s Minister of Finance says the 2021/2022 third-quarter update includes an additional $1.3 billion in support for the healthcare sector made since the fall update and other expenditures (outlined below).
“As well, we’ve funded the rollout of the COVID-19 vaccines,” he said. “And we’ve provided additional supports for small businesses and workers impacted by the necessary public health restrictions including the Ontario business costs rebate program and the $10,000 Ontario small business grant COVID-19 relief fund.”
Bethlenfalvy says Ontario is now projecting a $13.1 billion deficit – that’s $8.4 billion lower than was predicted in the fall economic statement. It’s due in part to stronger economic growth in 2021 and higher net tax assessments than in prior years.
Highlights of today’s update include:
- The aforementioned $1.3 billion in additional funding to support hospitals during the COVID-19 pandemic, including expenses such as personal protective equipment, additional staff and Infection Prevention and Control measures, as well as funding to support the rollout of COVID-19 vaccines.
- $300 million for the Ontario Business Costs Rebate Program to provide property tax and energy cost rebates to eligible businesses that were required to close or reduce indoor capacity as part of the additional public health measures in response to the Omicron variant.
- $293 million for the Ontario COVID-19 Small Business Relief Grant to support small businesses that were subject to closures as part of the additional public health measures in response to the Omicron variant.
- $164 million to help long-term care homes prevent and contain the spread of COVID-19, including increased staffing supports and purchasing additional protective equipment supplies.
- $108 million to train up to 8,200 new personal support workers (PSWs) for high-demand jobs in Ontario’s health and long-term care sectors to address the personal support workforce shortage.
- $75 million in additional funding to support further electricity cost relief for eligible residential, farm, and small business customers for the period January 18, 2022, to February 7, 2022.
With a balance of $500 million remaining in the Time-Limited COVID-19 Fund for the remainder of the fiscal year, the Province continues to maintain the prudence and flexibility necessary to respond to future needs in the fight against the pandemic.
“We have made important progress in our fight against COVID-19 through record investments to protect people’s health and support our economy, and while today’s report demonstrates that Ontario’s economy is getting stronger, there is still work ahead,” says Bethlenfalvy. “Our government’s plan for recovery will build Ontario with investments in new highways and hospitals, supports for workers and employers, and measures to put more money into the pockets of families and seniors.”
Photo via Peter Bethlenfalvy Twitter Account