Ontario Releases 2021 Ontario Economic Outlook and Fiscal Review

On November 4, 2021, Minister of Finance Peter Bethlenfalvy released the 2021 Ontario Economic Outlook and Fiscal Review.

The "Build Ontario" plan lays out how the government will build the foundation for Ontario's COVID-19 recovery by investing in infrastructure. Much of this funding being allocated for building hospitals, schools and transit over the next three years is no different than what was tabled in the most recent budget.

The OGCA has summarized the key areas below:

Infrastructure Investment
The Fall Economic Statement includes a Building Ontario plan. It has investments in community infrastructure, long-term care, hospitals, child-care and high-speed internet.

Key investments include:

• Doubling investment in the Ontario Community Infrastructure Fund program for municipalities from $1 billion to nearly $2 billion over the next five years
• An additional $3.7 billion investment in long-term care facilities beginning in 2024-25
• $30.2 billion over the next ten years to build, expand and enhance hospitals
• $14 billion in capital grants over ten years to build more schools, improve existing facilities and support education-related projects
• Nearly $4 billion over six years to provide reliable high-speed internet to all regions of Ontario by the end of 2025

A backgrounder on the Building Ontario plan can be found here, while further details are available here.  

Supports for Employers 
The government has a plan titled "Working for Workers" to support Ontario's workers with funding so employers can be supported while workers learn new skills. The Skilled Trades Strategy supports economic recovery by breaking the stigma of the skilled trades, simplifying the apprenticeship system, and encouraging businesses to hire more apprentices.

Highlights include:

• Investing an additional $90.3 million over three years in 2021-22 in the Skilled Trades Strategy. Key initiatives include creating a skilled trades career fair and enhancing the Ontario Youth Apprenticeship Program and Pre-Apprenticeship Training Program.
• Proposing to extend the Ontario Jobs Training Tax Credit to 2022, to provide an estimated $275 million in support to about 240,000 people, or $1,150 on average.
• An additional $5 million in 2021–22 to expand the Second Career program.

A backgrounder on the "Working for Workers" plan can be found here, while further details are available here.