The Ontario 2023 Budget, tabled to legislature on March 23rd, is intended to navigate ongoing global economic uncertainty using what it describes as “a responsible, targeted approach.”
“Ontario’s economy remains resilient, but the road ahead continues to be uncertain,” said Minister of finance Minister of Finance Peter Bethlenfalvy. “Our government has the right plan to navigate these challenges. We are building Ontario so we can have a strong economy for the future and the infrastructure needed to support growth across the province.”
Among the measures described in the 2023 Budget, those impacting the Ontario rental housing sector according to an update from FRPO, include:
- $24 million over the next three years to the Ontario Land Tribunal and Landlord and Tenant Board in an effort to help clear backlogs and streamline processes via more adjudicators and administrative support;
- $184.4 billion in infrastructure over the next 10 years;
- $25 million over three years to attract more skilled workers through the Ontario Immigrant Nominee Program;
- Changes to the GAINS eligibility criteria, which may see an increase of up to 100,000 seniors eligible for cost-of-living support, indexed to inflation moving forward;
- A call on the federal government to work with the Province to provide HST deferral on new rental housing construction;
- $2 billion to the Ontario Community Infrastructure Fund over five years to help small and rural municipalities pay for roads, bridges, water, and wastewater projects;
- Exploring the establishment of a protected provincial area in the Town of Uxbridge
- Saving ~$800M in interest on the debt over the next three years;
- Exploring the establishment of a protected provincial area in the Town of Uxbridge.
Additionally, the government is providing an update on Ontario’s economic and fiscal outlook, with a plan that will balance the budget in 2024-25, three years earlier than forecast in the last Budget.
For an in-depth look at the 2023 Budget, visit: 2023 Ontario Budget | Building a Strong Ontario
