Moving Forward with Building a Strong Ontario
Ontario continues to support people and businesses while laying a strong foundation for future generations
May 18, 2023
Table of Contents
- Quick Facts
- Additional Resources
TORONTO — The Legislative Assembly has passed the government’s Bill 85, Building a Strong Ontario Act (Budget Measures), 2023, advancing the government’s plan to grow the economy, build key infrastructure projects, and support businesses, families, and workers in every corner of the province.
“While Ontario is not immune to the challenges facing the global economy, our government has proven that our responsible, targeted plan is the right plan to navigate these uncertain times,” said Peter Bethlenfalvy, Minister of Finance. “Our government is continuing with our plan to build a strong Ontario that the people of this province can be proud of, now and into the future.”
As the government continues to deliver on its plan, it is also projecting to balance the budget next year, three years earlier than forecast in the 2022 Budget. Highlights contained in the 2023 Budget include:
- The new Ontario Made Manufacturing Investment Tax Credit, which provides a 10 per cent refundable Corporate Income Tax credit to help local manufacturers grow, create new jobs, innovate and become more competitive.
- Ontario’s Critical Minerals Strategy, which supports better supply chain connections between industries, resources and workers in Northern Ontario and manufacturing in Southern Ontario, including Ontario-based electric vehicle (EV) and battery manufacturing.
- Moving forward with the government’s historic $184 billion capital plan, which includes the bridge crossing over the future Bradford Bypass, the next phase of construction for the new Highway 7 between Kitchener and Guelph, continuing work to widen Highway 401 from Pickering through Eastern Ontario and building Highway 413.
- Providing $224 million in 2023–24 for a new capital stream of the Skills Development Fund to leverage private-sector expertise and expand training centres, including union training halls to provide more accessible, flexible training opportunities for workers.
- Enhancing the Ontario Immigrant Nominee Program with an additional $25 million over three years to attract more skilled newcomers, including in-demand professionals in the skilled trades, to the province.
- Expanding the Guaranteed Annual Income System (GAINS) program, starting in July 2024, making an additional 100,000 seniors eligible for the program and adjusting the benefit annually to inflation.
- Training more Ontario doctors by investing an additional $33 million over three years to add 100 undergraduate medical seats beginning in 2023 as well as 154 postgraduate medical training seats and prioritizing Ontario residents trained at home and abroad beginning in 2024 and going forward.
- Allowing pharmacists to prescribe over-the-counter medication for more common ailments, including mild to moderate acne, canker sores, diaper dermatitis, yeast infection, pinworms and threadworms, and nausea and vomiting in pregnancy beginning in fall 2023.
“Our government’s plan for Ontario is rooted in a long-term vision and real action,” said Minister Bethlenfalvy. “We are building a strong Ontario that has resilient economy, an Ontario that has the best infrastructure in place, an Ontario that has skilled workers trained for the jobs of tomorrow, and an Ontario that connects you to the care you need.”
- Ontario’s Plan to Build includes the most ambitious capital plan in Ontario’s history, with planned investments over the next 10 years totalling $184.4 billion, including $20.6 billion in 2023–24.
- The government will table its next economic and fiscal update as part of 2023-24 First Quarter Finances, which will be released on or before August 15, 2023.
Read the 2023 Budget: Building a Strong Ontario
Read Highlights of the government’s plan
Read the Economic and fiscal overview
Learn more about the Ontario Made Manufacturing Investment Tax Credit