Ontario Fall Economic Statement 2022

nov 14, 2022
November 14, 2022
Ontario releases 2022 Fall Economic Statement
Ministry of Finance

TORONTO — Today, Minister of Finance Peter Bethlenfalvy released the 2022 Ontario Economic Outlook and Fiscal Review – Ontario’s Plan to Build: A Progress Update. It includes the government’s first-ever progress report on its plan to build Ontario, as well as new targeted measures that advance its plan to build the economy, address the province’s labour shortage and help families and businesses keep costs down.

The government is also providing an update on Ontario’s economic and fiscal outlook, highlighting how its flexible and responsible plan is positioning the province to be ready to manage uncertainty and risk as the world faces high inflation and emerging economic challenges.

Read the News Release HERE.
Download the Full Fall Economic Statement HERE.

Download Ontario's 2022 Fall Economic Statement
Highlights for museums include:
  • Raising the Minimum Wage (page 36):  On October 1, 2022, the government increased the general minimum wage to $15.50 per hour. This is the second increase since January 2022, which brings the total increase in the general minimum wage to eight per cent over one year, helping workers keep up with rising costs. The majority (58.3 per cent) who are benefiting are women. The minimum wage will continue to rise, with the next increase amount to be announced in April 2023. The government removed the lower minimum wage rate for liquor servers and raised the wage rates for the other special minimum wage categories proportionally to the increase in the general minimum wage. With this increase, Ontario’s minimum wage is among the highest in the country.
  • Supporting broadband upgrades at approximately 111 libraries with a provincial investment of more than $4.8 million through the Connecting Public Libraries initiative. Through the successful Request for Proposal process, upgrades are possible for over double the original target of 50 public library branches. (page 56) 
  • Redeveloping Ontario Place (page 56): The Ontario government is collaborating with the City of Toronto on the redevelopment of Ontario Place. The redevelopment is expected to create more than 5,000 construction and operations jobs and attract approximately five million visitors annually.  
    - Earlier in fall 2022, repairs to the landmark heritage features at Ontario Place began, including upgrades to a bridge near the marina and preparations to repair the exterior of the Cinesphere.  
    - Additional work is planned, including repairs to the Pod Complex for late fall 2022.
  • Reducing Property Taxes for Small Businesses (page 66):  ...As announced in the 2020 Budget, municipalities can now provide a municipal tax reduction of up to 35 per cent for eligible commercial and industrial properties through the adoption of the optional small business property subclass.
  • Building Northeastern Passenger Rail (page 50): The government is moving ahead with plans for passenger rail service in the Northeast. In April 2022, Ontario released an updated initial business case to advance planning of the preferred route, moving one step closer to building a more connected transportation network that would support economic opportunities, the tourism industry and improve access to health care, and to education as well as other critical services.
  • Expanding Tax Support for Film and Television Production (page 67): The 2022 Budget announced that the government is undertaking work to modernize Ontario’s
    cultural media tax credits, to reflect the latest industry practices and to continue to attract investment and jobs.  ...The government also committed in the 2022 Budget to review the eligibility of location fees for the Ontario Production Services Tax Credit, a refundable tax credit which helps attract big‐budget domestic and foreign film and television production to the province. To improve the competitiveness of this tax credit and incentivize more on‐location filming in communities across Ontario, the government proposes to expand eligible expenditures for the credit to include location fees.
Download Ontario's 2022 Fall Economic Statement
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