Latest news with #SkillsDevelopmentFund
Yahoo
15-05-2025
- Business
- Yahoo
Budget 2025 Recognizes Critical Infrastructure Construction and Workforce Growth Key to Ontario's Long-Term Prosperity
Vaughan, ON, May 15, 2025 (GLOBE NEWSWIRE) -- The Residential and Civil Construction Alliance of Ontario (RCCAO) is encouraged by the Government of Ontario's continued focus and investment in critical infrastructure in Budget 2025, A Plan To Protect Ontario. The infrastructure funding allocated will advance the much needed construction of roads, water systems, and transit, as well as focus on what is needed to boost housing across Ontario. The economic headwinds caused by the Trump Administration's actions is creating real uncertainty across the economy and further underscores the need for action here at home. Budget 2025 advances the long-term critical infrastructure needed to support industry and communities in response with $30 billion for highways and over $200 billion for public transit over the next 10 years. RCCAO is pleased to see the Ontario Government's additional $400 million investment in the Housing-Enabling Water Systems Fund to ensure water infrastructure systems are equipped to handle the demands of a growing population. 'The investments Budget 2025 makes in critical infrastructure advance the Ontario Government's commitment to growth and addressing long-standing challenges,' said Nadia Todorova, Executive Director of RCCAO. 'Transportation, housing, and water infrastructure are crucial to building for Ontario's future and we are pleased to see this year's budget continue to prioritize these assets.' 'The Ontario Government's investment in the Skills Development Fund is good news for Ontario workers. It will expand the labour market's capacity to build Ontario and this $1 billion investment in skills training will be crucial for our province's ability to build critical infrastructure and grow our province's prosperity for generations to come.' 'Our members are very encouraged to see the creation of a Potholes Prevention Fund Program to support municipalities with maintenance of the road network. Our partnership with the CAA's Worst Roads annual campaign highlights the challenges across the province and this fund will help improve state-of-good-repair work for Ontario's roads.' The Ontario Government could realize greater economic impacts with faster project tendering across ministries. This would maximize industry's capacity to build during construction season as well as make greater progress in closing the infrastructure deficit across the province. RCCAO commends the government for its continued commitment and focus on advancing transportation infrastructure projects, including Highway 413, the Bradford Bypass, and the Ontario Line. Our members will continue to support the government's work throughout the Highway 401 tunnel feasibility study, bringing the expertise and technical knowledge of its members to the table. RCCAO Executive Director Nadia Todorova is available for interviews. The Residential and Civil Construction Alliance of Ontario (RCCAO) is a labour-management construction alliance. Since its formation in 2005, RCCAO has been a leading industry advocate for infrastructure investment. It has commissioned 63 independent, solutions-based research reports to help inform decision makers. Learn more about RCCAO's work at Attachment Budget 2025 Recognizes Critical Infrastructure Construction and Workforce Growth Key to Ontario's Long-Term Prosperity CONTACT: Jamie Ellerton Conaptus Ltd 416-639-6090 media@
CTV News
15-05-2025
- Business
- CTV News
Ontario deficit grows $10B as province tables $232.5B budget aimed at protecting economy from tariffs
Ontario's deficit is expected to balloon by another $10 billion in 2025-26 as the Ford government spends billions of dollars on programs to support workers and stimulate the economy in the face of U.S. tariff threats. 'Ontario and all of Canada are at a precipice, and we need to take serious steps to make sure we do not find ourselves anywhere near the bottom,' Finance Minister Peter Bethlenfalvy said Thursday as he presented Ontario's latest budget, the first since the Ford government won re-election in March. The government says it is setting aside $5 billion for the Protecting Ontario Account – a fund promised during the campaign to provide support to businesses facing 'significant tariff-related business disruptions.' The province will also bolster the Skills Development Fund by another $1 billion over the next three years. There's also $500 million for a new Critical Minerals Fund the government says will 'unleash the potential' of the mineral sector. Finance Minister Peter Bethlenfalvy called the tariffs imposed by the United States 'a wake-up call for Canadians' in prepared remarks but said this is a time for growth rather than fear. The government says it plans to spend about $200 billion over the next 10 years on infrastructure. That will include $33 billion in 2025-26. Over the next decade., the plan includes $30 billion for highway construction and rehabilitation; $61 billion for public transit, such as the GO 2.0 expansion and subway projects; $56 billion for health care infrastructure; and around $30 billion to build more schools and child care spaces. Many of the measures included in the budget were previously unveiled. As announced earlier this week by Premier Doug Ford, the budget keeps an election promise to permanently lower the gas tax and to eliminate tolls on a provisionally owned portion of Hwy. 407 East, between Clarington and Pickering. Last week Bethlenfalvy announced an expansion of the Ontario Made Manufacturing Investment Tax Credit – a tax credit meant to bolster Ontario's manufacturing sector. That will provide $1.3 billion over three years to help the sector. A six-month deferral of some taxes for businesses, worth $9 billion, was announced in April and is also included in the budget. Impact of tariffs still uncertain The new spending means the government is now projecting a deficit of $14.6 billion in 2025-26 -- $10 billion more than last year's budget predicted and $13 billion more than the fall economic statement projected just a few months ago. A deficit of $7.8 billion is expected in 2026-27 instead of the $500 million surplus that had been projected previously. The government still believes that it can balance the books by 2027-28, predicting a small surplus of $200 million in that fiscal year. Fiscal outlook Ontario's 2024-25 deficit is now projected to be $6 billion -- $3.8 billion lower than the 2024 budget predicted. The government says that's due to higher-than-expected tax revenue. While there have been fears that tariffs could send Ontario's economy into a recession, the budget actually predicts mild growth. Ontario's real GDP grew by 1.5 per cent in 2024, but is expected to rise by just 0.8 per cent in 2025 and one per cent in 2026 because of tariffs. GDP is forecast to grow by 1.9 per cent in 2027-28. However, ministry staff stress that the economic environment remains highly unpredictable. They say that the impact of tariff actions has not yet been fully observed in recent economic data, but forward-looking economic indicators are down significantly, close to levels not seen since the pandemic. No major increases for health, education spending The government plans to spend $91.1 billion on health care. That's up from $89.3 billion from last year, but the increase is still less than inflation. While health care spending growth looks somewhat flat, the government says that's because of higher costs in previous years when the province experienced an influx of newcomers and there were added pressures on OHIP. Spending in 2025-26 will include $235 million to create and expand 305 additional primary care teams as part of a plan announced in January to connect more Ontarians with primary care. The latest budget also includes a fertility tax credit that would cover 25 per cent of fertility treatments up to $20,000 per year, for a maximum of $5,000. Education spending is up at $1 billion, compared to $38. 4 billion last year, but it appears that it will remain relatively flat for the next two years. The government says that's because of higher capital spending in previous years. Wher your money goes Opposition slams budget as 'band-aid' Opposition Leader Marit Stiles slammed the government's latest budget at Queen's Park Thursday, calling it a missed opportunity to strengthen the province. 'This is a band-aid budget, a missed opportunity to strengthen Ontario,' Stiles said. She said she was 'shocked' there was plenty of discussion around alcohol prices, but little attention to child care or post-secondary spending. When it comes to housing, MPP Jessica Bell said the government 'quite frankly have thrown in the towel on housing in this budget.' When it comes to housing, the government is lowering its projections, expecting just 71,800 housing starts for 2025. That's about 20,000 fewer housing starts than the 92,300 predicted in the 2024 budget. The forecast has also been lowered by about 20,000 homes for 2026 and about 13,000 homes for 2027. However the government notes that those are macro-economic projections which may differ from the ministry's real-time numbers, which could potentially be higher. Ontario has set a goal of building at least 1.5 million homes by 2031 and needs to build more than 100,000 homes each year to stay on track. Bethlenfalvy said Thursday they are still committed to that goal. The budget includes no new details on Premier Doug Ford's proposal to build a vehicle and transit tunnel under Highway 401 to relieve gridlock, simply saying that feasibility work will be carried out. Other highlights $75.5M extra beyond annual funding to homelessness prevention programs, such as boosting shelter capacity and ready-to-build affordable housing projects $57M on helicopters for police in Niagara and Windsor $15.5M more over three years to increase production of medical isotopes to 24 hours a day The province will create an 'Ontario Grown' badge this summer for cannabis products with at least 75 per cent Ontario content Cannabis shop windows will no longer have to be blacked out to 'increase comfort, security, and safety' of customers and employees, though products cannot be visible from the outside The province will be making various changes to alcohol pricing and taxes, with revenue from the LCBO and the beer, wine and spirits tax expected to drop significantly in 2025-26. -With files from CTV Toronto's Siobhan Morris
Vancouver Sun
15-05-2025
- Business
- Vancouver Sun
Ontario budget forecasts $14.6B deficit, slower growth in wake of U.S. tariffs
U.S. President Donald Trump's tariffs cast a pall over Ontario's budget Thursday, dragging down GDP growth and knocking the province off its path to balance, with a $14.6-billion deficit projected this year. Now is the time to spend on infrastructure and job creation in Ontario so the province can come out stronger on the other side, Finance Minister Peter Bethlenfalvy said. 'Ontario and all of Canada are at a precipice and we need to take serious steps to make sure we do not find ourselves anywhere near the bottom,' Bethlenfalvy said as he tabled his $232.5-billion budget. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. 'Whether it is our competitive advantage in critical minerals, energy, technology, talent, our workers, or any other area, we will need to bolster our economy by investing in our powerful and promising industries by building more, and building faster and by protecting jobs and job creators.' The province had previously eyed a balanced budget for 2026-27, but that came before the election of Trump and the implementation of tariffs and now Ontario is set to inch into the black in 2027-28 with a small surplus. In the meantime, Bethlenfalvy's budget is forecasting a $14.6-billion deficit this fiscal year — up from a projection of $4.6 billion in last year's budget — and a deficit of $7.8 billion next year. Much of the increased pressure comes from about $30 billion in spending to stimulate the economy in the face of tariffs, including a $5-billion fund to give businesses relief, adding $5 billion to an infrastructure financing fund, and implementing a new, $500-million Critical Minerals Processing Fund. As well, the government is planning to add $1 billion to its Skills Development Fund to retrain workers, add $600 million to a fund that helps businesses set up or expand in Ontario, $200 million for a shipbuilding grant program and create a $50-million fund to help businesses make new supply chains and help boost interprovincial trade. But for all of the various funds for businesses, opposition leaders said there is very little in the budget for people and their most pressing needs, such as housing and health care. 'This budget talks a lot about cars and infrastructure,' Green Party Leader Mike Schreiner said. 'It doesn't talk a lot about actually investing in people.' NDP Leader Marit Stiles called it a 'Band-Aid budget.' 'It is a missed opportunity to strengthen Ontario,' she said. 'The government could have built a tariff-proof future with good schools, affordable homes, world-class public health care and reliable public services. Instead, the Ford government chose more cuts, less relief and no real support for families who need help right now.' The financial accountability officer has said that a 'modest' recession may occur in 2025. Bethlenfalvy said he wouldn't speculate on whether Ontario will enter recession territory, but all of the investments announced in the budget are meant to shore up the province's economy at a critical time. '(We're trying) to fortify and immunize Ontario as best as possible,' he said. 'I think we've got the right plan and the vision for not just dealing with the moment, but laying the groundwork for the future.' Real GDP is projected to rise by just 0.8 per cent next year, sharply down from the 2024 budget projection of 1.9 per cent for this year. Job creation is also forecasted to greatly slow and the unemployment rate is expected to be at 7.6 per cent in 2025, up from the previous projection of 6.6 per cent. Ontario is among the jurisdictions most exposed to U.S. trade policy, the government says in its budget. About 285,000 jobs across the province depend on exporting goods to the United States, representing nearly 3.5 per cent of total employment, it says. The U.S. is Ontario's largest trading partner, with $194.9 billion in merchandise exports to that country in 2024. Revenue is projected to be nearly $220 billion this fiscal year, down from $221.6 billion last year, in part due to less revenue from corporations' taxes. Ontario is expected to spend $216.3 billion on programs this year and $16.2 billion on interest and other debt servicing charges. The reserve, meanwhile, is set at the unusually high amount of $2 billion for this year and the next few years. The contingency fund, meant as another buffer to mitigate risk, is set at $3 billion for 2025-26. The budget document says that fund 'increases further through the remainder of the medium-term outlook,' but it does not specify amounts. Opposition parties and the province's financial accountability officer have been critical in the past of the large unallocated amounts the Progressive Conservative government has set aside in contingency funds, a practice they say is not transparent. Liberal finance critic Stephanie Bowman said it's some 'funny' accounting. 'They're adding money for contingency funds, which create a bigger deficit, so that if they don't need that money, it looks like they've come in ahead of budget and have a lower deficit,' she said. Ontario's net debt this year stands at more than $460 billion. The province's net debt-to-GDP ratio is set to climb this year to 37.9 per cent after previously sitting at a 13-year low, and is expected to rise further to 38.9 per cent in 2026-27. U.S. TARIFFS AND ONTARIO WORKERS The budget is pledging to create a $5-billion fund to provide immediate relief to support sectors of the economy facing tariff-related disruptions. The budget describes this fund as an 'emergency backstop' that will provide immediate relief for Ontario businesses that have exhausted available funding. It also pledges to expand the Ontario Made Manufacturing Investment Tax Credit rate from 10 per cent to 15 per cent. It can be used for qualifying investments in buildings, machinery and equipment for use in manufacturing or processing. The proposed changes would also expand eligibility for the non-refundable tax credit to non-Canadian-controlled private corporations and publicly traded corporations making eligible investments in Ontario. The budget says these changes would help businesses lower their costs by providing an additional $1.3 billion in support over the next three years. The budget also outlines a $50-million investment over three years to focus on expanding interprovincial trade. It also earmarks $500 million in funding to support critical mineral processing. The budget is also pledging a new program that would provide up to $40 million in grants for communities impacted by trade disruptions. The government also plans to invest an additional $1 billion over the next three years to train skilled workers. HEALTH CARE The budget says the government will invest more than $235 million this year to establish and expand up to 80 more primary care teams, which it says will connect 300,000 more people to primary care. It also says it will invest up to $280 million over two years to support the expansion of integrated health service centres that will help more Ontarians access MRI and CT scans, among other services. The budget pledges a new refundable tax credit to support 25 per cent of fertility treatment expenses, for a maximum credit of $5,000 per year. It also plans to increase the province's investment to the Ontario Autism Program, bringing this year's total funding to $779 million. EDUCATION The budget is promising close to $2 billion for the upcoming school year to repair and maintain schools. Last December, the province's fiscal watchdog found that the province has a $12.7-billion school repair and construction backlog, and it would cost $31.4 billion over 10 years to clear it. The budget is also pledging $10 million over three years to create new scholarship opportunities for First Nations post-secondary students interested in pursuing careers in resource development. It's also earmarking an additional $207 million over three years in funding for research at Ontario universities. ALCOHOL AND CANNABIS The budget outlines an increase to the Liquor Control Board of Ontario's wholesale discount rate from 10 per cent to 15 per cent for bars, restaurants, convenience stores and LCBO convenience outlets until the end of this year. The budget estimates the measure will save Ontario businesses about $56 million. The budget also proposes an Ontario Grape Support Program to provide up to $35 million in annual support for eligible wineries until 2029-30, with total program funding of $175 million. It says it anticipates the move will double the percentage of Ontario grapes in blended wine. It further outlines plans to expand its investment in the VQA Wine Support Program to $84 million annually, with total program funding of $420 million over the next five years. The government also plans to introduce changes for retail cannabis stores to 'improve their outside visibility.' SECURITY AND PUBLIC SAFETY The budget proposes $1 billion in funding to expand and renovate the Ontario Police College in Aylmer, Ont., and a new Ontario Provincial Police academy in Orillia, Ont. It also proposes $8.8 million to support a one-time additional intake of up to 300 recruits in the basic constable training program. It's proposing an additional $113 million over the next three years to combat illegal cross-border activity through measures such as air patrols and firearm seizures. It earmarks $57 million for two new helicopters for police in Niagara Region and Windsor. Last year, the government announced $134 million for five helicopters for the Greater Toronto Area and Ottawa. The budget also earmarks $6 million to help tackle auto theft in the province, and $12.8 million this year to help faith-based and cultural organizations implement safety measures such as hiring security staff and building repairs. Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our politics newsletter, First Reading, here .
Edmonton Journal
15-05-2025
- Business
- Edmonton Journal
Ontario budget forecasts $14.6B deficit, slower growth in wake of U.S. tariffs
Article content Much of the increased pressure comes from about $30 billion in spending to stimulate the economy in the face of tariffs, including a $5-billion fund to give businesses relief, adding $5 billion to an infrastructure financing fund, and implementing a new, $500-million Critical Minerals Processing Fund. As well, the government is planning to add $1 billion to its Skills Development Fund to retrain workers, add $600 million to a fund that helps businesses set up or expand in Ontario, $200 million for a shipbuilding grant program and create a $50-million fund to help businesses make new supply chains and help boost interprovincial trade. But for all of the various funds for businesses, opposition leaders said there is very little in the budget for people and their most pressing needs, such as housing and health care. 'This budget talks a lot about cars and infrastructure,' Green Party Leader Mike Schreiner said. 'It doesn't talk a lot about actually investing in people.'
Cision Canada
09-05-2025
- Health
- Cision Canada
SEIU HEALTHCARE RECIPIENT OF $2 MILLION FROM THE PROVINCE OF ONTARIO TO SUPPORT ITS WORKERSFIRST PLATFORM
RICHMOND HILL, ON, May 9, 2025 /CNW/ - The Province of Ontario, through the Skills Development Fund (SDF), has awarded $2 million to the union's innovative technology platform, WorkersFirst, which is part of SEIU Healthcare's first-of-its-kind union-led healthcare training centre. Through this funding, healthcare workers will have new opportunities for continuous education and learning to improve upon their existing skills. The funding will also support a pro-worker alternative to the problem of costly agencies, which better responds to staffing needs while simultaneously improving patient outcomes. SEIU is committed to creating opportunities for healthcare workers to reclaim the quality and dignity of work. "WorkersFirst is a union-made platform that fills the gaps in the delivery of care while putting profits back in the pockets of healthcare workers. It's our solution to temporary agencies that exploit workers and cost more but deliver less. I want to thank Minister Piccini and the government of Ontario for investing in our union's innovation." – Tyler Downey, President, SEIU Healthcare "Governments, unions and employers are stronger when working together. That's why our government is proud to support SEIU as they invest in Ontario's skilled, world-class workers. Through the Skills Development Fund, we are ensuring that PSWs, RPNs and RNs receive the training required to build a stronger, more resilient healthcare workforce." - David Piccini, Minister of Labour, Immigration, Training and Skills Development. "The Ontario Government, through the Skills Development Fund, has helped WorkersFirst Technologies and SEIU Healthcare take a huge step forward in modernizing training for frontline healthcare professionals. This investment accelerates the use of our technology platform with enhanced staffing solutions, delivering better prepared workers in the workplace and a higher quality of care for patients across the province." – Anish Makim, Co-founder, WorkersFirst Technologies "WorkersFirst has given me access to more shifts, put money in my pockets and provided me with great benefits. A platform that is truly for workers by workers." – Zenebework Geribo, Personal Support Worker
