{"id":14540,"date":"2023-03-23T20:26:44","date_gmt":"2023-03-24T03:26:44","guid":{"rendered":"https:\/\/essential.construction\/news\/highways-critical-minerals-skills-training-highlighted-in-ontario-budget-2023\/"},"modified":"2023-03-23T20:26:45","modified_gmt":"2023-03-24T03:26:45","slug":"highways-critical-minerals-skills-training-highlighted-in-ontario-budget-2023","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/highways-critical-minerals-skills-training-highlighted-in-ontario-budget-2023\/","title":{"rendered":"Highways, critical minerals, skills training highlighted in Ontario Budget 2023"},"content":{"rendered":"

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Ontario Minister of Finance Peter Bethlenfalvy has tabled a budget that reinforces pledges to build major transit and highway projects, supports the province\u2019s critical minerals strategy and boosts capacity for the skilled trades.<\/p>\n

Among notable capital spending pledges, the government\u2019s plan to spend $27.9 billion on highway expansion and rehabilitation over the next decade represents an increase of $2.8 billion over the $25.1-billion spend contained in the fall Economic Outlook.<\/p>\n

The finance minister release Budget 2023, billed as Building a Strong Ontario, in the Ontario legislature March 23.<\/p>\n

\u201cIt is a plan for a strong economy now and for the future,\u201d said Bethlenfalvy. \u201cIt\u2019s a plan to build more roads, more highways, more transit and more broadband. It\u2019s a plan to build new long-term-care homes, more hospitals, schools and childcare spaces. It\u2019s a plan to build the critical minerals sector in Ontario\u2019s north and the same time invest in clean green steel in Hamilton and Sault Ste. Marie.\u201d<\/p>\n

The minister highlighted two new programs announced earlier in the week as part of its industrial growth strategy, the Ontario Made Manufacturing Investment Tax Credit and a new Skills Development Fund (SDF) capital stream.<\/p>\n

The former sees the creation of a new 10-per-cent refundable corporate income tax credit of up to $2 million a year for Canadian-controlled private corporations on qualifying investments in buildings, machinery and equipment for use in manufacturing or processing in the province.<\/p>\n

The $224-million skills development capital plan will enable training providers such as labour groups, indigenous centres, business and industry organizations to build new training facilities and modernize existing centres.<\/p>\n

Ontario\u2019s 2022\u201323 deficit is projected to be $2.2 billion, $4.4 billion lower than the outlook published in the\u00a02022\u201323 Third Quarter Finances forecast.<\/p>\n

Bethlanfalvy now anticipates that the government deficit will be eliminated by 2024\u201325, three years earlier than forecasted in the\u00a02022 Budget. The deficit is expected to be $1.3 billion in 2023\u201324 and the first surplus this decade is targeted to be $0.2 billion in 2024\u201325. The government is projecting a surplus of $4.4 billion in 2025\u201326.<\/p>\n

\u201cSerious times call for a serious budget,\u201d Bethlanfalvy said. \u201cWhile much has changed since our last budget, economic circumstances have confirmed our plan is the right one.\u201d<\/p>\n

The Advancing Ontario\u2019s Critical Minerals Strategy will receive a boost of $3 million in 2023\u201324 and $3 million in 2024\u201325 with an expansion of the Ontario Junior Exploration Program. Bethlanfalvy said the government will continue to support the approvals process for an all-season road to the Ring of Fire and again called on the federal government to contribute to infrastructure for the mining region. But there was no indication the government will extend funding for infrastructure in the region beyond its current pledge of $1 billion.<\/p>\n

Other highlights on Budget 2023 include:<\/p>\n