2023 Fall Economic Statement highlights include extended fuel tax relief, infrastructure investment.
On November 2, 2023, the Ontario government released its 2023 Fall Economic Statement, which includes some positive measures for Ontario small businesses.
The Ontario government will extend its temporary reductions to the gas tax and fuel tax for another six months. Both the 5.7 cents per litre of gasoline, and 5.3 cents per litre of diesel reductions will remain in place until June 30, 2024.
While the government is projecting a balanced budget by 2025-26, it will also run a larger-than-expected deficit this year at $5.6-billion – vs $1.3-billion projected in the spring budget. The government will also run a $5.3-billion deficit in 2024-25 before returning to balance the following year.
The Ontario government also announced that it will launch the Ontario Infrastructure Bank to help fund major infrastructure projects. Initially, the focus is on long-term care, affordable housing, and infrastructure in various sectors.
The government’s continued focus on infrastructure highlights the urgent need for a comprehensive provincial construction mitigation policy that includes direct compensation to small businesses for lengthy, disruptive builds. CFIB will continue to urge the government to require construction mitigation measures and funds for all provincially-funded construction projects moving forward.
You can read the full Fall Economic Statement here.
You can read CFIB’s response to Ontario’s Fall Economic Statement here.