Ontario Budget Highlights

The Ontario Government released it’s budget last week. Here are some highlights:

  • $100 million will be invested in 2024–2025 to help workers, apprentices, and job seekers get the skills they need to advance in their careers through the Skills Development Fund Training Streams.
  • Small business corporate tax rate reduced to 3.2 percent
  • Investing $1 billion for the new Municipal Housing Infrastructure Program to support core projects to enable housing for growing and developing communities
  • Allocating an additional $1.3 billion this year to improve high-speed internet access across Ontario
  • Proposing to extend the current temporary gas tax and fuel tax rate cuts, keeping the rates at nine cents per litre until December 31, 2024
  • Proposing to modernize the auto insurance system with reforms that will provide drivers with the option to opt out of certain coverage benefits to lower their premiums
  • Allocating $3 billion to the new Building Ontario Fund, a new infrastructure bank which will support the financing and building of critical infrastructure projects across the province.
  • Implementing Municipal Accommodation Tax (MAT) reform to ensure that the MAT continues to meet its intended objectives of supporting Ontario’s visitor economies.

The Federal Government’s budget will be coming out on April 16th. NOTO will keep a close eye on that as well.

View Ontario Budget