NEW – ON: Possible benefits from the fall economic statement for propane businesses

On November 4, 2021, Ontario’s Finance Minister, Peter Bethlenfalvy, tabled the annual fall economic statement outlining the government’s fiscal priorities and financial outlook. 

The plan highlights how the government will continue to build the foundation for Ontario’s recovery and prosperity by funding critical infrastructure, including much-delayed Ring of Fire roads, attracting increased investment, and promoting particular economic sectors. 

Ontario’s propane businesses could benefit from the following proposed initiatives: 

• $1 billion for Ring of Fire Road development to open up the far north for critical mineral extraction to support manufacturing. These projects mean new mining projects utilizing propane for heating. They will also help make Indigenous and northern communities more accessible to switching from oil and diesel to propane for residential and commercial applications.
• $2.6 billion proposed for further road building and expansion, as well as highway/bridge repairs. The government pledges to build Highway 413 and the Bradford Bypass, providing opportunities for propane use on these construction sites.
• $90 million in skilled trades investments over three years, which may be available for specialized propane sector training.
• A Staycation Tax Credit of up to $270 million could promote remote and rural tourism offerings and increase propane use to extend operators’ seasonal longevity.
• Community hospitals will undergo significant redevelopment and may rely on propane heaters to accelerate completion over the next year. 

Ontario’s real Gross Domestic Product (GDP) is conservatively projected to rise 4.3% in 2021, 4.5% in 2022, 2.6% in 2023 and 2.0% in 2024. 

Employment rates are up in the province, with over 1.1 million net new jobs created since 2020 or a 0.1% increase above the pre-pandemic level of February 2020. 

The finance minister will deliver a full budget before March 31, 2022, in advance of a provincial election in June 2022. 

The full statement is available here.