NEWS RELEASE
MPP MATTHEW RAE
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Today, Ontario’s Minister of Finance, the Honourable Peter Bethlenfalvy, introduced the 2024 provincial Fall Economic Statement.
“This year’s Fall Economic Statement builds on Budget 2024 and invests in rural Ontario,” said Matthew Rae, Member of Provincial Parliament for Perth-Wellington. “We will continue to make the necessary investments to build a better, stronger, and safer Ontario, while cutting taxes and putting money back into taxpayer’s pockets.”
“Our government’s responsible approach has resulted in an improved fiscal position since the 2024 Budget, allowing us to keep taxes low, invest in infrastructure like roads, highways, hospitals and schools, and provide immediate relief to Ontario families as part of our plan to keep costs down,” said Minister Bethlenfalvy. “We’re going to continue investing responsibly to support Ontario’s growth and rebuild Ontario’s economy to make our province the best place to live, work and raise a family, all while reducing the debt burden for future generations.”
Among the commitments made in this year’s FES are some highlights for Perth-Wellington. Ontario is launching the $5 million Ontario Transit Investment Fund, an annual fund that will assist unserved and underserved communities develop, integrate, and coordinate sustainable transit services.
The province also announced the expansion of the Learn and Stay Grant for over 1,300 eligible undergraduate students that commit to practising family medicine with a full roster of patients once they graduate. This is expected to connect over 1.36 million people to primary care and will cover the tuition and other educational costs for the successful medical students.
The FES also includes $2 billion in housing-enabling infrastructure funding to help build more homes across Ontario. Critical spending on hospitals and health infrastructure, Long Term Care, and school infrastructure are also highlighted in this year’s statement.
The province also announced initiatives to make life more affordable for Ontarians by extending the gas and fuel tax rate cuts, saving on average, $380 per Household. Taxpayers who have filed their 2023 tax return will also receive a $200 rebate early next year, giving immediate relief to families in the face of high interest rates and the federal carbon tax.
The government’s plan will continue to reduce the deficit and retain a path to balance the budget by 2026-27. Compared to Budget 2024, Ontario is also projected to see both stronger growth in real GDP and employment in 2024.
“We are working diligently to make life more affordable while building a stronger Ontario,” Rae added. “This is good news for Ontario and Perth-Wellington.”
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