Ontario Releases 2021-22 Third Quarter Finances
Latest fiscal update demonstrates Ontario’s economic resilience
February 14, 2022
|TORONTO — Today, the government released the 2021-22 Third Quarter Finances, which provide an update on Ontario’s 2021-22 economic and fiscal outlook since the release of the 2021 Ontario Economic Outlook and Fiscal Review: Build Ontario (also referred to as the Fall Economic Statement). The report shows $2.3 billion of new investments in response to the Omicron variant, including additional funding to support hospitals, workers and business supports such as the Ontario Business Costs Rebate Program and the Ontario COVID-19 Small Business Relief Grant.
Primarily as a result of higher than forecast revenues reflecting improved economic performance, Ontario is now projecting a deficit of $13.1 billion in 2021-22 – an improvement of $8.4 billion from the deficit forecast in the Fall Economic Statement. Despite ongoing uncertainty as a result of the pandemic, the government’s swift actions and critical investments to protect the economy have been successful and Ontario’s economy remains resilient.
“We have made important progress in our fight against COVID-19 through record investments to protect people’s health and support our economy, and while today’s report demonstrates that Ontario’s economy is getting stronger, there is still work ahead,” said Peter Bethlenfalvy, Minister of Finance. “Our government’s plan for recovery will build Ontario with investments in new highways and hospitals, supports for workers and employers, and measures to put more money into the pockets of families and seniors.”
As of the 2021-22 Third Quarter Finances, the Province is investing an additional $2.3 billion, primarily in health care and supports to business and workers, offset from existing contingencies, relative to the 2021 Ontario Economic Outlook and Fiscal Review. Highlights include:
With a balance of $500 million remaining in the Time-Limited COVID-19 Fund for the remainder of the fiscal year, the Province continues to maintain the prudence and flexibility necessary to respond to future needs in the fight against the pandemic.
The government’s actions throughout the pandemic have ensured that Ontario’s economy remains poised to keep growing over the medium-to-long-term. The government’s plan to build Ontario will leverage this strength to make key investments that will make life more affordable for the people of Ontario, while supporting job-creation, productivity and economic growth.
From the very beginning, the government has been accountable to Ontario taxpayers by providing regular updates on the Province’s finances. This is the government’s eighth financial update since the COVID-19 pandemic began. The government remains committed to defeating the COVID-19 virus and will provide its next financial update as part of the 2022 Budget.
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