Ontario’s Plan to Build Supporting Stronger Province and Economy
NEWS RELEASE
2022 Budget is a plan to help keep costs down for families, support better jobs and bigger paycheques and build more highways, housing, transit and hospitals
August 09, 2022
Ministry of Finance
TORONTO — As part of its commitment to implement the 2022 Budget and build a stronger Ontario for workers, businesses and families, the Ontario government today re-introduced the Plan to Build Act (Budget Measures), 2022.
“I am pleased to re-introduce the Plan to Build Act (Budget Measures), 2022 bill today so our government can continue delivering Ontario’s Plan to Build, supporting better jobs for workers while building more highways, housing and hospitals right across the province,” said Peter Bethlenfalvy, Minister of Finance. “With costs rising, our plan also includes measures to help families, including new direct payments to parents to help their kids catch up and increasing Ontario Disability Support Program payments.”
To help those who qualify for disability support, the government is delivering on its commitment to increase the rates for income support by five per cent beginning in September 2022, for families and persons under the Ontario Disability Support Program (ODSP). Beginning in September, the government will increase both the ODSP rate and the Assistance for Children with Severe Disabilities Program maximum monthly amount by five per cent. Future ODSP rates will also be adjusted to inflation.
To help fill gaps in learning for students after two years of pandemic disruptions, the government is also investing $225 million for direct payments to parents. This is in addition to the previously announced $175 million tutoring support program, the largest of its kind in Ontario’s history. The government will have more details later in the year on how families can access this new support.
“No government in Ontario history has invested more in public education, tutoring supports, and student mental health than our government,” said Stephen Lecce, Minister of Education. “We are going further by providing direct financial support to parents, in addition to the expanded tutoring supports for students, all focused on ensuring kids get back to class with the full school experience."
The additional investment in tutoring supports and increased ODSP rate will be funded from existing contingencies contained in the government’s fiscal plan as presented in the 2022 Budget.
Building on the Province’s record of transparency and accountability, the government also released the 2022-23 First Quarter Finances today, which provides updated information about the evolution of Ontario’s economic and fiscal outlook since the 2022 Budget for the 2022-23 fiscal year. Due to higher-than-projected taxation revenues, the government is projecting a deficit of $18.8 billion in 2022-23, an improvement of $1.1 billion from the outlook presented in the 2022 Budget.
“We have a prudent and flexible plan which builds on our record of responsible fiscal management, while making the investments that will reduce commute times, support front-line health care and help create good jobs,” said Minister Bethlenfalvy. “In a time of economic uncertainty, our government is supporting Ontario workers and families by putting more money back into their pockets.”
Quick Facts
• Employment in July 2022 was 192,400 jobs or 2.6 per cent above the February 2020 pre-pandemic level.
• The Province’s 2022–23 First Quarter Finances is projecting a deficit of $18.8 billion, an improvement of $1.1 billion since the outlook published in the 2022 Budget, primarily due to higher projected taxation revenues.
• Ontario’s real gross domestic product (GDP) continued to grow in a challenging global environment, rising 1.1 per cent in the first calendar quarter of 2022 and exceeding the pre-pandemic level in the fourth quarter of 2019 by 1.3 per cent. Growth in the first quarter was widespread, with gains in household spending, business investment and exports.
• The government released the 2022 Budget: Ontario’s Plan to Build and first introduced the Plan to Build Act (Budget Measures), 2022 on April 28, 2022. •
Additional Resources
• Keeping Costs Down for Ontario Families
• 2022-23 First Quarter Finances
• Ontario.ca/Budget
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Emily Hogeveen 8/9/2022 |
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