Background
Today, Ontario’s Minister of Finance, Peter Bethlenfalvy, presented the 2024 Ontario Fall Economic Statement, titled Building Ontario for You. This statement outlines the provincial government’s ongoing commitment to economic growth, infrastructure development, and affordability. The government is aiming to balance their commitments to fiscal responsibility while prioritizing critical infrastructure, such as roads, schools, and hospitals, and keeping costs low for families.
In the Fall Economic Statement, Minister Bethlenfalvy provided an overview of the province’s fiscal state. Ontario’s projected deficit will be $6.6 billion this year, decreasing the anticipated deficit announced in the 2024 Budget by $3.2 billion. Ontario is also projected to return to fiscal balance in 2026-2027 as net debt-to-GDP and net debt-to-revenue ratios, forecast to be 37.8% and 37.9%, respectively, hit their lowest levels since the early 2010s. Ontario also received a credit rating upgrade from DBRS, the first since 2006, and is on positive watch with Moody’s and S&P.
What’s in the Fall Economic Statement?
The Ford government has included a series of new spending promises in the FES, including:
- $200 Taxpayer Rebate: Early next year, the government will provide a $200 rebate for each eligible adult who filed a 2023 tax return by December 31, 2024. Families with children under 18 will receive an additional $200 per child. This relief is designed to counter high interest rates and federal carbon tax impacts.
- Extended Gas and Fuel Tax Cuts: The government will temporarily reduce gas and fuel tax rates to 9 cents per litre until June 30, 2025. This measure, aimed at mitigating the rising costs due to the federal carbon tax increase in April 2025, will save households approximately $380 on average over three years.
- Ontario Fertility Program Expansion: Beginning in 2025–26, Ontario will allocate an additional $150 million over two years to the Ontario Fertility Program, tripling the number of residents eligible for funded IVF cycles and reducing wait times. A new tax credit, covering up to 25% of fertility-related expenses to a maximum of $5,000, will also be introduced.
- Expanded Learn and Stay Grants for Medical Students: In 2026, the province will invest $88 million over three years to cover tuition and related expenses for 1,360 students committed to practicing family medicine in Ontario. The program is anticipated to connect over 1.36 million people to primary care, helping address healthcare needs in underserved communities.
- Healthcare Measures: The government is investing $88 million over three years to expand Learn and Stay grants for 1,360 undergraduate students who commit to practicing family medicine in Ontario. The grants cover tuition, books, supplies, and equipment.
What’s the Government Saying?
“Our government’s responsible approach has resulted in an improved fiscal position since the 2024 Budget, allowing us to keep taxes low, invest in infrastructure like roads, highways, hospitals and schools, and provide immediate relief to Ontario families as part of our plan to keep costs down. We’re going to continue investing responsibly to support Ontario’s growth and rebuild Ontario’s economy to make our province the best place to live, work and raise a family, all while reducing the debt burden for future generations.”
— Peter Bethlenfalvy, Minister of Finance
What’s the Opposition Saying?
“You deserve a government that works as hard as you do. It does not have to be this way. I’m here to share a different vision—one where your needs come first. A vision where your government gets back to basics: building homes, hiring doctors, fixing schools, and making life affordable for you. New Democrats are choosing to build, to build the homes you can afford and the future you deserve.”
— Marit Stiles, Leader of the Ontario NDP
“Doug Ford is more focused on billion-dollar giveaways to wealthy insiders than he is on fixing health care. People are dying on waitlists and Doug Ford is spending billions on booze, foreign spas and the Greenbelt scandal. Doug Ford and his Conservatives are not in it for the people of Ontario. It’s time for your money to work for you. Not Doug’s rich friends.”
— Bonnie Crombie, Leader of the Ontario Liberal Party
Conclusion
As the Ford Government continues to test the waters for a potential early election call, the Fall Economic Statement begins to lay the groundwork for a re-election platform. The Government is trying to balance their commitments to fiscal responsibility, while investing in health care, education, and infrastructure, and putting new offers in the window for voters.