Budget 2023: "Building a Stronger Ontario"
March 24, 2023
On March 23, 2023, Ontario’s Progressive Conservative Government released the 2023 Ontario Budget. Titled “Building a Stronger Ontario”, Budget 2023 is accompanied by Bill 85, An Act to implement Budget measures and to amend various statutes (Bill 85). Bill 85 was introduced in the Ontario Legislature on March 23, 2023, and passed first reading.
The Minister of Finance, Peter Bethlenfalvy presented the Budget as “a responsible, targeted approach to help people and businesses today, while laying a strong fiscal foundation for future generations.” The Budget aims to balance the provincial budget by 2024-2025, three years earlier than the timeframe announced in the 2022 Budget. Some of the initiatives proposed by the Budget include investing in key infrastructure projects; expanding the Guaranteed Annual Income System program for low income senior citizens; introducing the Ontario Made Manufacturing Investment Tax Credit; and increasing support for health care initiatives.
No new pension or employee benefit initiatives are included in this year’s Ontario budget. The Budget papers confirm that the 3-day paid COVID leave provisions of the Employment Standards Act, 2000 throughout which employees are entitled to continue in pension and benefit plans will not be extended beyond March 31, 2023.
