UPDATE: Ontario Sets Budget Date for April 27
Province on Track to Balance the Budget as Economy Continues to Grow
Charles Sousa, Minister of Finance, announced today that he will deliver the 2017 Ontario Budget on April 27. The Budget will outline the government's plan to create a stronger, healthier Ontario through investments in key services that help people and their families.
Minister Sousa made the announcement during a speech to the Empire Club of Canada in Toronto, and provided an update on Ontario's economic growth. According to the Fourth Quarter Ontario Economic Accounts released today, the province's real GDP increased by 2.7 per cent in 2016, outpacing Canada's increase of 1.4 per cent, higher than all the G7 countries and beating private-sector forecasters' projections.
Ontario has been one of the fastest-growing provinces over the past three years, and private-sector economists expect that will continue for at least another two years. Since the recessionary low in June 2009, Ontario has added nearly 700,000 jobs, the majority of which are in full-time positions and in the private sector.
Balancing the budget in 2017-18 is part of Ontario's plan to continue to create jobs, grow the economy and help people in their everyday lives.
- With a balanced budget the government will continue to do more to help with everyday costs, including a proposed new refundable public transit tax credit for seniors.
- Ontario's real gross domestic product (GDP) increased 0.5 per cent in the fourth quarter, after rising 0.7 per cent in the third.
- The Ontario Economic Accounts provide a quarterly assessment of the state of Ontario’s economy. The fourth quarter spans October to December.
“Ontario is creating jobs, the economy is growing, and we will deliver on our commitment to balance the budget this year. These are meaningful accomplishments in a time of global economic uncertainty. A balanced budget and strong economic growth allow us to continue making important investments in the services and supports that people rely on, including health care and education. I look forward to delivering the 2017 Budget and expanding on these important commitments in the coming weeks.”