Minister of Finance Peter Bethlenfalvy released Ontario’s 2023 Budget: Building a Strong Ontario. It is a plan that navigates ongoing global economic uncertainty with a responsible, targeted approach to help people and businesses today while laying a strong fiscal foundation for future generations.

“Ontario’s economy remains resilient, but the road ahead continues to be uncertain,” said Minister Bethlenfalvy. “Our government has the right plan to navigate these challenges. We are building Ontario so we can have a strong economy for the future and the infrastructure needed to support growth across the province.”

The government’s plan is taking significant actions to drive growth by lowering costs, getting key infrastructure projects built faster, and attracting more jobs and investment to help businesses, families and workers. Highlights include:

• Launching the new Ontario Made Manufacturing Investment Tax Credit, which would provide a 10 per cent refundable Corporate Income Tax credit to help local manufacturers lower their costs, invest in workers, innovate and become more competitive.
• Advancing 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. The government is investing an additional $3 million in 2023–24 and $3 million in 2024–25 in the Ontario Junior Exploration Program to help more companies search for potential mineral deposits and attract further investments in this growing sector. The government is also continuing work to build the roads to the Ring of Fire.
• Attracting over $16 billion in investments by global automakers and suppliers of EV batteries and battery materials to position Ontario as a global leader on the EV supply chain, even before the most recent announcement for a subsidiary of Volkswagen AG to establish an EV battery manufacturing facility in St. Thomas, Ontario.
• Continuing to relieve gridlock, create jobs and connect communities by starting construction on key infrastructure projects, including 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, as well as moving ahead with plans to build 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 workers, including in-demand professionals in the skilled trades, to the province.

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