On March 24, 2021, Finance Minister Peter Bethlenfalvy tabled Ontario’s 2021-22 budget (Budget 2021). The two main anchors for Budget 2021 are health and the economy. Significant funding is being provided to support Ontario’s vaccine rollout, as well as to address shortcomings in the province’s long-term care and hospital care. Furthermore, economic supports are being provided to both individuals and businesses to help protect and create jobs and to reignite the province’s economic engine. Overall, Budget 2021 includes $51 billion in total supports over the next four years, as follows:
The Ontario government is expecting significant deficits over the next three fiscal years. Although the economy has improved since the beginning of the pandemic, employment is still below pre-pandemic levels. Nevertheless, the economic outlook remains positive over the next few years, and deficits are expected to decline.
Ontario’s debt is expected to increase to over $500 billion by 2023-24.