Ontario has delivered its latest budget, which includes a $186-billion spending plan aimed at helping small businesses and families get through the final leg of the COVID-19 pandemic.
The budget issued by the Progressive Conservative government forecasts a deficit of $33.1 billion this year, with the province saying it will take until 2029 to balance its books. The spending outlined in the budget includes $6.7 billion for pandemic-related measures, including $1 billion for vaccinations and an additional $2.3 billion for testing and contact tracing.
Overall heath funding is being increased to $69.8 billion, up from $66.7 billion the previous year. Hospitals will see an additional $1.8 billion and long-term care will receive $650 million this year to address demands placed on both sectors by the pandemic.
The Ontario government said it will offer a second round of grants to small businesses and create a new job training tax credit. The grant program provides between $10,000 and $20,000 to help small businesses affected by provincial lockdowns. The government estimates the program will cost $3.4 billion and help an estimated 120,000 small businesses.
The budget also introduces a new Ontario Jobs Training Tax Credit to help retrain people who have lost their jobs during the pandemic. The program - which will cost $260 million - will provide up to $2,000 per person to pay for half of their eligible training expenses.
And families with children can expect a third round of payments through the Ontario COVID-19 Child Benefit, with the amount doubling to $400 per child and $500 for each child with special needs. Ontario will also spend an additional $2.8 billion to bring broadband access to more people across the province by 2025.
The budget projects Ontario will run a deficit of $26.2 billion next year and $18.7 billion in 2023-2024, with the shortfalls ending in 2029-2030 with a $900 million surplus.
