Latest news with #BuildingOntarioFund
Toronto Star
16-05-2025
- Business
- Toronto Star
Doug Ford's government vows to ‘protect Ontario' from Donald Trump's tariffs with record $232.5B budget
Woe Canada, Ontario claims to stand on guard for thee. With the economy battered by U.S. President Donald Trump's trade war and unemployment rising, Premier Doug Ford's government has tabled a record $232.5-billion provincial budget to 'protect Ontario' and promote national unity. 'When all of Canada wins, Ontario wins,' Finance Minister Peter Bethlenfalvy said Thursday in a boosterish speech that noted 'it is amazing to witness the burst of patriotism across our province and our great country' in the face of Trump's tariffs. Wary of smouldering secessionist sentiment in Alberta, Bethlenfalvy stressed 'all levels of government need to work together to tackle the most pressing issues facing Ontario and Canada today … and deliver on nation-building projects such as reactors, seaports, railroads, pipelines and refineries.' ARTICLE CONTINUES BELOW That means encouraging Prime Minister Mark Carney's new Liberal government to 'clear the maze of bureaucracy and red tape, barriers like Ottawa's Bill C-69,' to allow energy infrastructure to be built more quickly. With Trump's tariffs — real and threatened — triggering economic uncertainty, the recently re-elected Progressive Conservative government is launching a new $5-billion 'Protecting Ontario Account' to give immediate emergency cash supports to businesses affected by the slowdown. 'Tariffs have created an economic challenge across Ontario — and it is our communities who are hurting the most,' the treasurer said in a budget address that mentioned 'Canada' 33 times and 'Ontario' 70 times, but, unlike the April 15 throne speech, did not cite Trump by name. Indeed, unemployment in the province now sits at 7.8 per cent — above the national rate of 6.9 per cent — and a full percentage point higher than the 6.8 per cent this time last year. In 2023, it was five per cent. To tackle that, Bethlenfalvy is earmarking $20 million for new training and support centres 'providing immediate transition supports for laid-off workers, including those impacted by U.S. tariffs,' over and above the $2.5 billion promised for skills development and retraining programs over three years. With growth expected to sputter to just 0.8 per cent this year, the Tories are giving the economy a cash infusion with borrowed money, adding $5 billion to the Building Ontario Fund for affordable housing, long-term-care homes and energy projects, and tripling to $3 billion a fund to help Indigenous communities build infrastructure. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Touting a slew of initiatives to promote consumption of domestic goods from cars to cannabis, Bethlenfalvy decreed that the Friday before Canada Day will hitherto be known as 'Buy Ontarian, Buy Canadian' day to promote local products. It will be 'held annually on the last Friday in June to help consumers support local businesses and workers through programs such as Ontario Made, Ontario Wood, Vintners Quality Alliance (VQA) for wine, and Foodland Ontario.' That dovetails with the push from Ford and Carney to eliminate interprovincial trade barriers by July 1, which the premier and prime minister maintain could add $200 billion to the Canadian economy. Along with measures to boost sales of red wine, there was a lot of red ink in the budget, the first to be tabled since Ford's three-term Tories were re-elected Feb. 27. Last year's projected $9.8-billion deficit turned out to be a $6-billion shortfall. But the $4.6-billion deficit previously forecast for 2025-26 has ballooned to an anticipated $14.6 billion — a $10-billion increase due to spending on tariff-related measures. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW A month ago, Ford announced he would temporarily defer some provincial taxes through to Oct. 1, freeing up about $9 billion in cashflow for 80,000 tariff-hit employers to keep workers on the job. He also gave businesses an additional $2 billion in rebates through the Workplace Safety and Insurance Board (WSIB). Bethlenfalvy said the deficit would be $7.8 billion next year before the government goes back into the black with a $200 million surplus in 2027-28. 'We are seeing our debt-to-GDP ratio — which is an excellent way to measure an economy's fiscal health — near the lowest levels in almost 15 years, and now we can use that balance sheet to protect workers and businesses,' he told the legislature. Ontario's debt has jumped to a projected $489.8 billion this fiscal year — up $166.8 billion since Ford's Tories took office thanks in part to the COVID-19 pandemic. That's a staggering 51.6 per cent increase from the $323-billion debt inherited from the previous Liberals of premier Kathleen Wynne seven years ago. Queen's Park will spend $16.2 billion on interest payments in 2025-26 — greater than the budgets of every single ministry except Health ($81.9 billion), Education ($42.7 billion) and Children, Community and Social Services ($20.4 billion) — climbing to $17 billion next year. NDP Leader Marit Stiles said the Tories are spending more while Ontarians are getting less for their tax dollars. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW 'This is a Band-Aid budget, a missed opportunity to strengthen Ontario,' said Stiles. Liberal Leader Bonnie Crombie said her party supports 'providing stimulus to ride through this critical time.' 'But in the long term, what's in it for the people who are still waiting 20 hours in an emergency room for care?' she said. Green Leader Mike Schreiner said the fiscal plan 'utterly fails' on improving housing affordability. 'We will not tariff-proof Ontario if people can't afford to live in this province. We are not helping the people who need the help, the most low- and middle-income families,' said Schreiner. As first disclosed by the Star on Wednesday, Bethlenfalvy's 232-page spending plan says that beyond the bike lanes the province wants removed from Bloor Street, Yonge Street and University Avenue, bikeways will be taken off of Queen's Park Crescent and Avenue Road in order to have more car lanes. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW 'Ontario is reconfiguring some of Toronto's most congested streets,' the budget stated in a section that also included Ford's controversial scheme to tunnel under Highway 401 from Mississauga to Scarborough in order reduce gridlock. The spending blueprint reiterated the Tories' commitment to expanding TTC and GO Transit services and boasts that 'major construction … is now complete' for the Eglinton Crosstown and the Finch West LRTs, but did not specify opening dates for those delayed projects. Construction began on the 19-kilometre Crosstown LRT in 2012 under former Liberal premier Dalton McGuinty. The Star has reported it could finally open in September. Finally, buried on the last page of the budget, there will be a new law that will allow former cabinet ministers of all political stripes to call themselves 'Honorary Members of the Executive Council.' That means they can use the honorific 'the honourable,' bringing Ontario in line with titles enjoyed by ex-ministers in Ottawa and other provinces. With files from Rob Ferguson Politics Headlines Newsletter Get the latest news and unmatched insights in your inbox every evening Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. Please enter a valid email address. Sign Up Yes, I'd also like to receive customized content suggestions and promotional messages from the Star. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy. This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Politics Headlines Newsletter You're signed up! You'll start getting Politics Headlines in your inbox soon. Want more of the latest from us? Sign up for more at our newsletter page.
Hamilton Spectator
16-05-2025
- Business
- Hamilton Spectator
Doug Ford's government vows to ‘protect Ontario' from Donald Trump's tariffs with record $232.5B budget
Woe Canada, Ontario claims to stand on guard for thee. With the economy battered by U.S. President Donald Trump's trade war and unemployment rising, Premier Doug Ford's government has tabled a record $232.5-billion provincial budget to 'protect Ontario' and promote national unity. 'When all of Canada wins, Ontario wins,' Finance Minister Peter Bethlenfalvy said Thursday in a boosterish speech that noted 'it is amazing to witness the burst of patriotism across our province and our great country' in the face of Trump's tariffs. Wary of smouldering secessionist sentiment in Alberta, Bethlenfalvy stressed 'all levels of government need to work together to tackle the most pressing issues facing Ontario and Canada today … and deliver on nation-building projects such as reactors, seaports, railroads, pipelines and refineries.' That means encouraging Prime Minister Mark Carney's new Liberal government to 'clear the maze of bureaucracy and red tape, barriers like Ottawa's Bill C-69,' to allow energy infrastructure to be built more quickly. With Trump's tariffs — real and threatened — triggering economic uncertainty, the recently re-elected Progressive Conservative government is launching a new $5-billion 'Protecting Ontario Account' to give immediate emergency cash supports to businesses affected by the slowdown. 'Tariffs have created an economic challenge across Ontario — and it is our communities who are hurting the most,' the treasurer said in a budget address that mentioned 'Canada' 33 times and 'Ontario' 70 times, but, unlike the April 15 throne speech , did not cite Trump by name. Indeed, unemployment in the province now sits at 7.8 per cent — above the national rate of 6.9 per cent — and a full percentage point higher than the 6.8 per cent this time last year. In 2023, it was five per cent. To tackle that, Bethlenfalvy is earmarking $20 million for new training and support centres 'providing immediate transition supports for laid-off workers, including those impacted by U.S. tariffs,' over and above the $2.5 billion promised for skills development and retraining programs over three years. With growth expected to sputter to just 0.8 per cent this year, the Tories are giving the economy a cash infusion with borrowed money, adding $5 billion to the Building Ontario Fund for affordable housing, long-term-care homes and energy projects, and tripling to $3 billion a fund to help Indigenous communities build infrastructure. Touting a slew of initiatives to promote consumption of domestic goods from cars to cannabis, Bethlenfalvy decreed that the Friday before Canada Day will hitherto be known as 'Buy Ontarian, Buy Canadian' day to promote local products. It will be 'held annually on the last Friday in June to help consumers support local businesses and workers through programs such as Ontario Made, Ontario Wood, Vintners Quality Alliance (VQA) for wine, and Foodland Ontario.' That dovetails with the push from Ford and Carney to eliminate interprovincial trade barriers by July 1, which the premier and prime minister maintain could add $200 billion to the Canadian economy. Along with measures to boost sales of red wine, there was a lot of red ink in the budget, the first to be tabled since Ford's three-term Tories were re-elected Feb. 27. Last year's projected $9.8-billion deficit turned out to be a $6-billion shortfall. But the $4.6-billion deficit previously forecast for 2025-26 has ballooned to an anticipated $14.6 billion — a $10-billion increase due to spending on tariff-related measures. A month ago, Ford announced he would temporarily defer some provincial taxes through to Oct. 1, freeing up about $9 billion in cashflow for 80,000 tariff-hit employers to keep workers on the job. He also gave businesses an additional $2 billion in rebates through the Workplace Safety and Insurance Board (WSIB). Bethlenfalvy said the deficit would be $7.8 billion next year before the government goes back into the black with a $200 million surplus in 2027-28. 'We are seeing our debt-to-GDP ratio — which is an excellent way to measure an economy's fiscal health — near the lowest levels in almost 15 years, and now we can use that balance sheet to protect workers and businesses,' he told the legislature. Ontario's debt has jumped to a projected $489.8 billion this fiscal year — up $166.8 billion since Ford's Tories took office thanks in part to the COVID-19 pandemic. That's a staggering 51.6 per cent increase from the $323-billion debt inherited from the previous Liberals of premier Kathleen Wynne seven years ago. Queen's Park will spend $16.2 billion on interest payments in 2025-26 — greater than the budgets of every single ministry except Health ($81.9 billion), Education ($42.7 billion) and Children, Community and Social Services ($20.4 billion) — climbing to $17 billion next year. NDP Leader Marit Stiles said the Tories are spending more while Ontarians are getting less for their tax dollars. 'This is a Band-Aid budget, a missed opportunity to strengthen Ontario,' said Stiles. Liberal Leader Bonnie Crombie said her party supports 'providing stimulus to ride through this critical time.' 'But in the long term, what's in it for the people who are still waiting 20 hours in an emergency room for care?' she said. Green Leader Mike Schreiner said the fiscal plan 'utterly fails' on improving housing affordability. 'We will not tariff-proof Ontario if people can't afford to live in this province. We are not helping the people who need the help, the most low- and middle-income families,' said Schreiner. As first disclosed by the Star on Wednesday, Bethlenfalvy's 232-page spending plan says that beyond the bike lanes the province wants removed from Bloor Street, Yonge Street and University Avenue, bikeways will be taken off of Queen's Park Crescent and Avenue Road in order to have more car lanes. 'Ontario is reconfiguring some of Toronto's most congested streets,' the budget stated in a section that also included Ford's controversial scheme to tunnel under Highway 401 from Mississauga to Scarborough in order reduce gridlock. The spending blueprint reiterated the Tories' commitment to expanding TTC and GO Transit services and boasts that 'major construction … is now complete' for the Eglinton Crosstown and the Finch West LRTs, but did not specify opening dates for those delayed projects. Construction began on the 19-kilometre Crosstown LRT in 2012 under former Liberal premier Dalton McGuinty. The Star has reported it could finally open in September . Finally, buried on the last page of the budget, there will be a new law that will allow former cabinet ministers of all political stripes to call themselves 'Honorary Members of the Executive Council.' That means they can use the honorific 'the honourable,' bringing Ontario in line with titles enjoyed by ex-ministers in Ottawa and other provinces. With files from Rob Ferguson
Yahoo
08-02-2025
- Business
- Yahoo
A running list of Ontario election promises in campaign for snap Feb. 27 vote
TORONTO — A running list of election promises announced by the Ontario Progressive Conservatives, NDP, Liberals and Greens in the province's snap election campaign. The vote is set for Feb. 27. Progressive Conservatives Feb. 8 on security: Spend $50 million to expand the Ontario Provincial Police's Joint-Air Support Unit with two new H-135 helicopters to support the Niagara Regional Police and the Windsor Police Service with increased border patrols, security and enforcement. Feb. 7 on transportation: Build a tunnel under Highway 401 from Mississauga in the west to the Markham area in the east, at an unknown cost. Feb. 6 on transit: Seek to build a freight rail bypass along the Highway 407 corridor in Peel Region. Feb. 5 on affordability: Take tolls off Highway 407 East, the provincially owned portion of the highway. Permanently cut the provincial gas tax by 5.7 cents a litre, which the PC government has already done on a temporary basis since July 2022. Feb. 4 on transit: Upload the Ottawa LRT and integrate its operations under provincial transit agency Metrolinx, taking costs off the city's books to the tune of about $4 billion over a few decades. Feb. 3 on tariffs: Spend $10 billion toward support for employers through a six-month deferral of provincially administered taxes on Ontario businesses and $3 billion toward payroll tax and premium relief, $600 million in a fund aimed at attracting investments, and $300 million to expand an Ontario manufacturing tax credit. Jan. 31 on infrastructure: Spend $15 billion over three years to speed up capital projects including widening the Queen Elizabeth Way between Burlington and St. Catharines. Add $5 billion to the Building Ontario Fund. Add $2 billion to the Municipal Housing Infrastructure Program and Housing-Enabling Water Systems Fund. Add $300 million to the Community Sport and Recreation Fund. Jan. 30 on electric vehicles: Commit to deals with Stellantis and Volkswagen for their battery plants regardless of what happens with U.S. President Donald Trump's threats to impose tariffs and rip up electric vehicle tax credits. Jan. 30 on tariffs: Invest $1 billion in a skills development fund for autoworkers to transition to a different trade and another $100 million for an employment fund to help workers who are vulnerable to trade disputes transition to "in-demand" jobs. Jan. 29 on infrastructure: Spend $1 billion to build a new police college. No further details were provided. NDP Feb. 8 on affordability: Create a monthly grocery rebate for lower- and middle-income Ontarians, linked to inflation, with a family of four able to get up to $122 per month. Create a provincial consumer watchdog office. Establish a Corporate Crime and Competition Bureau. Force large retailers to publicly post when they raise prices more than two per cent in a week. Feb. 7 on health care: Ensure every Ontarian has access to a family doctor by recruiting and supporting 3,500 new doctors, reduce administrative burden on doctors, introduce more family health teams and shorter specialist wait times, and increase the number of internationally trained doctors, at a total cost of $4 billion. Feb. 6 on housing: End a loophole that exempts rental units built after 2018 from rent control. Crack down on renovictions and demovictions. Allow fourplexes as of right in all neighbourhoods and allow midrise apartments along transit corridors as of right. Limit short-term rentals like AirBnB's to primary residences. Build or acquire at least 300,000 affordable rental homes. Feb. 5 on homelessness: End encampments and tackle chronic homelessness by creating 60,000 supportive housing units, having the province pay for shelter costs instead of municipalities and doubling social assistance rates. Feb. 4 on education: Spend an additional $830 million to repair schools. Hire more school staff. Create a universal school food program. Support students with disabilities. Invest in French education. Feb. 3 on tariffs: Implement a federal-provincial income support program, direct agencies to procure locally and create new supply chains for trade-exposed industries. The NDP did not say how much this would cost, only that it would work in lockstep with the federal government to deliver the stimulus. Jan. 27 on affordability: Get rid of tolls for all drivers on Highway 407, on both the government-owned portion and the privately owned part, named the 407 ETR. The party also pledged to buy that part back. Liberals Feb. 8 on accountability: Appoint a special investigator to look into various plans and deals under Doug Ford, including the $612 million cost of speeding up the availability of alcohol in corner stores by one year, the sudden closure of the Ontario Science Centre and the now-reversed Greenbelt land swap, also under RCMP criminal investigation. Feb. 5 on affordability: Double Ontario Disability Support Program benefits. The boost would be pegged to inflation and phased in over two years. Feb. 3 on tariffs: Offer a $150,000 bonus to Canadian doctors and nurses working in the U.S. if they come back here to work, establish a "fight tariff fund" giving Ontario businesses lower interest rates, and eliminate interprovincial trade barriers. Also pledged to phase in rent control. No costing for the plan was included. Jan. 31 on transit: Boost transit safety by hiring 300 special constables, doubling investment in mobile crisis intervention teams, giving transit services an unspecified amount of money for safety equipment such as cameras, and installing platform doors in all Toronto subway stations. Jan. 31 on affordability: Cut middle income tax bracket by 22 per cent and take HST off home heating and hydro bills. Jan. 30 on electric vehicles: Bring back consumer rebates for electric-vehicle purchases in an effort to help slumping sales. Jan. 29 on health care: Give all Ontarians access to a family doctor within four years by significantly expanding the health team network and recruiting thousands of new domestically and internationally trained family doctors. Greens Feb. 7 on affordability: Cut income taxes for people making under $65,000 a year and raise taxes on people in the top tax bracket. Feb. 6 on affordability: Immediately double Ontario Disability Support Program and Ontario Works rates and tie future increases to inflation. Build 310,000 affordable non-profit and co-op homes, including 60,000 supportive homes. Feb. 5 on agriculture: Expand business risk management programs by $150 million annually. Develop local procurement guidelines for public sector food purchases. Create an AgTech Innovation Fund for the food and farming sector. Mandate permanent protection of farmland. Feb. 4 on local priorities: advocate for new hospitals in Huntsville and Bracebridge. Safeguard the watershed and work with Indigenous communities to conserve 30 per cent of natural areas by 2030. Feb. 3 on housing: Allow fourplexes across the province and homes with six units in large cities, and mid-rise buildings of six to 11 storeys on transit corridors and main streets. The Greens also pledged to remove development charges on homes under 2,000 square feet and remove the land transfer tax for first-time homebuyers. Jan. 31 on tariffs: Create a tariff task force, create an investment tax credit, develop a Buy Ontario strategy, create a Protect Ontario Fund for businesses disproportionately impacted, diversify trade partners and work to remove interprovincial trade barriers. This report by The Canadian Press was first published Feb. 8, 2025. The Canadian Press
