Ontario to table fall economic statement today
$200 rebate cheques for 15 million Ontarians key part of economic update
Ontario's finance minister is scheduled to present his fall economic statement today, which Premier Doug Ford describes as an ambitious initiative to develop highways, hospitals, and homes.
Ford also emphasized that the economic update aligns with his government's plan to achieve fiscal balance, which projected deficits until 2026-27 in the spring budget.
Finance Minister Peter Bethlenfalvy and Ford have already unveiled two key affordability measures from this fiscal update, which functions as a mini budget: a continuation of the gas tax cut and a $3-billion initiative to distribute $200 cheques to every taxpayer in Ontario.
Opposition critics have pointed out that the timing of the cheques, set to be mailed early next year, seems strategically aligned with a potential spring election.
The spring budget estimated a $9.8-billion deficit for the current 2024-25 fiscal year, with a projected deficit of $4.6 billion for the following year.
Ford and Bethlenfalvy argue that the province can afford to distribute $3 billion in cheques due to higher-than-anticipated revenues resulting from inflation's effect on provincial sales tax collections.
