Ontario Budget Sets Path for Economic Recovery

In the Board’s pre-budget submission, we called for investments in transportation and digital infrastructure, an integrated industrial investment strategy, and investments in inclusive workforce development. Today’s budget delivers on these priorities, with key advancements toward two-way all-day GO service between Toronto and Waterloo Region; an additional $2.8 billion investment for broadband; $400 million for the Invest Ontario Fund; and $260 million Ontario Jobs Training Tax Credit for re-skilling and upskilling. While these investments will help Ontario’s economic recovery, the Board will continue to advocate for further efforts to break down interprovincial trade barriers, as well as regulatory and financial support for Ontario innovators to scale up and export internationally.  

Recovery will vary by sector, and support must be tailored to meet specific needs. The budget’s investments in some of the hardest-hit sectors, such as the visitor economy, are welcome. Given the unprecedented depth of this challenge, businesses and governments at every level must continue to work together and ensure that the Toronto region remains one of the most competitive and sought after business regions in the world.”