How Ontario’s 2024 Fall Economic Statement Impacts Businesses

Announced by Finance Minister Peter Bethlenfalvy on October 30, 2024, the 2024 Ontario Fall Economic Statement outlines Ontario’s strategic goals to balance the budget by 2026–27 while prioritizing support for economic growth, clean energy, infrastructure, and wellbeing for families.  

Key business-related measures presented via Ontario’s 2024 Fall Economic Statement include substantial investments for the manufacturing sector, tax relief measures, infrastructure, and a large-scale clean energy initiative. 

Moreover, the Government of Canada has also introduced targeted support for healthcare and education, a $200 funding rebate for citizens and families, along with increased funding for treatments for conditions relating to fertility and ALS.  

This financial roadmap aims to alleviate immediate pressures on Ontario’s industries and families while boosting the province’s economic resilience. 

“We’re going to continue investing responsibly to support Ontario’s growth and rebuild Ontario’s economy to make our province the best place to live, work and raise a family, all while reducing the debt burden for future generations.” 
– Finance Minister Peter Bethlenfalvy 

Manufacturing Workforce Growth and Tax Relief 

To continue supporting Ontario’s economy, the government has announced significant investments for the manufacturing industry in relation to workforce expansion and tax relief measures, including: 

• $100 million for the Invest Ontario Fund, bringing it to a total of $700 million, with strategic funding goals to drive growth across key industries; 

• The new 10-year Ontario Made Manufacturing Plan, targeting one million manufacturing jobs and $120 billion in output by 2035; and 

• The continued Ontario Made Manufacturing Investment Tax Credit that enables eligible manufacturing businesses to reduce tax burdens by up to $2 million annually, helping save on costs and encourage innovation in the sector. 

Infrastructure, Community, and Energy Investments 

With $191 billion allocated over the next decade, Ontario businesses will benefit from the province’s investment in infrastructure, community, and energy investments including:  

• Funding for essential infrastructure such as transit, roads, schools, and hospitals, directly benefiting businesses by improving logistical networks and supporting employee needs;  

• A $100 million increase to the Ontario Municipal Partnership Fund (OMPF) over the next two years, bringing total funding provided through this program to $600 million by 2026; and 

• A new large energy procurement initiative to secure 5,000 megawatts of clean energy, lowering energy costs and creating a more reliable power grid.  

These substantial investments will help Ontario businesses manage logistics and further align with increasing demands for sustainable, clean energy sources. 

Supporting Canadians with Healthcare, Education, and Cost Relief Measures 

Ontario’s 2024 Fall Economic Statement also offers support for families with newly announced rebates and enhanced cost relief measures, including:  

• Each eligible adult to receive a $200 rebate, with an additional $200 per child for families;  

• An investment of $50 billion over the next 10 years in healthcare including 50 hospital projects, fertility treatments and ALS support; 

• An investment of $23 billion over the next 10 years to build new schools, create childcare spaces and modernize school infrastructure; and 

• An extension to the temporary gas and fuel tax rate cuts until June 30, 2025, especially as the federal carbon tax is set to increase on April 1, 2025. 

Promises of Building a Better Ontario 

Overall, Ontario’s newly announced 2024 Fall Economic Statement highlights the provincial government’s commitment to a proactive approach in addressing current economic challenges while preparing for a sustainable future. The multitude of new and updated investments across manufacturing, healthcare, family support, and energy initiatives underline a need to build a stronger Ontario, and a more cohesive Canada.  

“We’re delivering on our plan to rebuild Ontario’s economy, creating better jobs and bigger paycheques for Ontario workers, while keeping costs down for families and businesses. We’re supporting workers, families and municipalities, investing in their success to create stronger communities and better opportunities for years to come.” 
– Finance Minister Peter Bethlenfalvy 

As the province now works toward fiscal balance by 2026–27, these strategic initiatives will work to support families, strengthen the economy, and modernize essential services, aligning with Ontario’s long-term vision within the country.