What does Ontario’s 2024-25 Budget mean for your business?

On March 26, 2024, the Ontario government released their spending plans for 2024-25. Here’s what your business needs to know about the latest Ontario budget.

General Information

• The government expects to balance the budget in 2026-27. Interest on debt is projected to increase from $12.8 billion in 2023–24 to $15.2 billion in 2026–27.
• Ontario is investing more than $190 billion over the next 10 years in highways, transit, broadband, housing‐enabling, and other infrastructure.

Tax Wins

• Extending the gas and fuel tax cuts until December 31, 2024.
• Eliminating the 6.1% wine basic tax that applies to Ontario wine and wine cooler sales in on‐site winery retail stores, effective April 1, 2024.
• Getting a commitment from the government to conduct a targeted review of taxes and fees on beer, wine, and alcoholic beverages to promote a more competitive marketplace.

Skills Training

The government will provide:

• An additional $16.5 million annually over the next three years to support a variety of programs that focus on breaking the stigma and attracting more young people into the skilled trades, simplifying the system, and encouraging employer participation in apprenticeships.
• $21.1 million to expand the Ontario Youth Apprenticeship Program (OYAP), a specialized high school program that gives students who have completed Grade 10 the chance to explore the trades through cooperative education courses, while finishing their Ontario Secondary School Diploma.
• $41.8 million to launch approximately 100 pre‐apprenticeship training projects around the province to help young people get firsthand experience working in the trades, including a paid work placement with a local employer.

See CFIB’s response to the latest Ontario Budget here!