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!