A hope to balance the budget in time for the next provincial election in 2026.
In releasing the 2022 Budget, Finance Minister Peter Bethenfalvy reported that the deficit will be at $19.9 Billion, which is a decrease from an estimated $21.5 billion in the 2021 Fall Economic Statement.
The budget will see the deficit fall to $10.8 billion in 2023-24, $6.1 billion in 2024-25, $5 billion in 2025-26 and only $700 million in 2026-2027 once a $1.5 billion reserve is removed.
Financials
- $10 billion in additional money for hospital construction and redevelopment over the next 10 years
- $4 billion more for highway construction in the province over the next decade
- $110 million in 2022 for the Seniors Care at Home Tax Credit
- $400 million for the Low-Income Individuals and Families Tax Credit (LIFT)
- $3.5 million for emergency preparedness measures
- $96 million over three years to equip and train Ontario police services to respond to future protests and blockades at land border crossings
- $1.1 billion for COVID-19 testing
