Provincial Press Release

Today, Minister of Finance Peter Bethlenfalvy released the 2024 Budget: Building a Better Ontario. Like the rest of the world, Ontario continues to face economic uncertainty due to high interest rates and global instability.

To continue keeping costs down for families and businesses, the Ontario government is introducing proposed legislation through its spring 2024 Budget that would, if passed, extend the existing gasoline and fuel tax rate cuts until December 31, 2024.

The Ontario government is investing more than $1.8 billion in housing-enabling infrastructure funding to help build at least 1.5 million homes by 2031. This funding includes $1 billion for the new Municipal Housing Infrastructure Program and $625 million more for the Housing-Enabling Water Systems Fund, bringing its total funding to $825 million.

The Ontario government is keeping electricity costs down for about 100,000 additional families by expanding the eligibility for the Ontario Electricity Support Program (OESP). New income eligibility thresholds, which have increased by up to 35 per cent, take effect today.

Today, the Ontario government introduced a suite of measures to stabilize the province’s colleges and universities, including nearly $1.3 billion in new funding, while maintaining the tuition fee freeze to keep costs down for Ontario students and parents. The province is also introducing legislation that would, if passed, support student mental health, safe and inclusive campuses and allow for increased transparency of fees. This suite of measures also includes initiatives that will help connect students to rewarding careers to help build Ontario’s skilled workforce.

Premier Doug Ford announced Ontario is providing Toronto with $114 million in funding through the Building Faster Fund after the city exceeded its 2023 housing target. Toronto broke ground on a total of 31,656 new housing units last year, unlocking an additional $38 million by exceeding their 2023 target by 51 per cent.

The Ontario government introduced legislation that, if passed, would reverse a December 2023 decision by the Ontario Energy Board (OEB) that would have significantly increased the costs of building new homes across the province. Reversing this decision will prevent an average of $4,400 being added to the price of new homes, or tens of thousands of dollars being added to the price of a home in rural Ontario.

The Ontario government is keeping costs down for drivers by introducing legislation that would, if passed, ban tolls on provincial highways. This ban would apply to the Don Valley Parkway and Gardiner Expressway once uploaded to the province, as well as the province’s 400-series highways.

The Ontario government is keeping costs down for people by introducing legislation that, if passed, would give Ontario voters a direct say over a new provincial carbon tax, cap-and-trade system or other carbon pricing program. This proposed legislation would protect people and businesses from the high cost of a provincial carbon tax by requiring the government to first obtain the consent of Ontario voters through a referendum before implementing a new provincial carbon pricing program.

Today, the Prime Minister, Justin Trudeau, alongside the Premier of Ontario, Doug Ford, announced a new $3.1 billion agreement to improve health care in Ontario. This investment will help increase access to family doctors, reduce wait times, hire more health care workers, and ensure faster care for Canadians, including mental health care.