For immediate release March 24, 2023
Ontario Budget 2023: What it means for Mississauga
(Mississauga – March 24, 2023) – On March 23, 2023, Ontario’s Minister of Finance, the Hon. Peter Bethlenfalvy, presented the 2023 Budget: Building a Strong Ontario.
The Mississauga Board of Trade has reviewed the budget and compiled a summary of key highlights from the perspective of Mississauga’s business community. Read our policy analysis.
Labour shortages:
Labour shortages have been shown to limit our economic outcomes – both in Mississauga and across Ontario. The provincial government has committed to:
– $5 million to launch the second round of the Micro-Credentials Challenge Fund
– $25 million over three years to attract skilled workers through the Ontario Immigrant Nominee Program
Transportation expansion:
Earlier this month, the Mississauga Board of Trade hosted a round table discussion with Hon. Stan Cho, Associate Minister of Transportation. He spoke about the importance of building the transportation infrastructure Ontario’s economy needs. Yesterday, the Ontario Government delivered on these commitments:
– $28 billion to expand highways, including Highway 413
– $70 billion to expand transit, including regional connectivity links
Tax deductions and tax credits
Mississauga-based manufacturers will benefit from:
– $780 million in tax credits over three years who invest in new equipment and machinery
– A 10% refundable corporate income tax credit of up to $2 million annually for businesses that invest in buildings, machinery and equipment
The Ontario Chamber of Commerce’s (OCC) President and CEO, Rocco Rossi, issued the following statement in reaction to the provincial government’s 2023 budget.
“We appreciate the government’s focus on fiscal responsibility while maintaining growth-enabling investments that support greater productivity,” said Rocco Rossi, President and CEO of the Ontario Chamber of Commerce. “Particularly, we welcome the Government of Ontario’s continued efforts to address labour shortages, including in health care and the skilled trades, and support business investment in key sectors like manufacturing and mining.”
Read the OCC’s policy analysis here.
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About the Mississauga Board of Trade
Since being established in 1961, MBOT has played an important leadership role serving and representing the interests of business of all sizes and sectors in our community.
Mississauga is Canada’s sixth largest city and third largest in Ontario – with a population of over 700,000 residents and more than 50,000 businesses employing over 440,000 people, including 60 Fortune 500 Canadian headquarters. Mississauga is where successful companies choose to do business. MBOT’s large, diverse and active membership has made us one of the most vibrant business associations in Canada.
As the “Voice of Business” we advocate on policy issues that impact local business at all levels of government and are influential in helping to shape policy decisions. MBOT also offers a wide variety of valuable business services and professional development programs, networking events and marketing opportunities, to help business grow, prosper, and get connected.
For more information, please contact:
Anthony Ferreria, Public Affairs Specialist
About the Ontario Chamber of Commerce
The Ontario Chamber of Commerce (OCC) is the indispensable partner of business and Canada’s largest, most influential provincial chamber. It is an independent, not-for-profit advocacy and member services organization representing a diverse network of 60,000 members. The OCC’s mission is to convene, align and advance the interests of its members through principled policy work, value-added business services and broad engagement to drive competitiveness and economic growth in the province.
For more information, please contact:
Andrea Carmona
Manager, Public Affairs
[email protected]
