MENU
01
Home
02
Services
03
Sectors
04
Team
05
Our Work
06
Updates
07
Careers
08
Contact
Services
01
Government Relations
02
Communications & Digital
03
Advisory Services
Sectors
01
Energy
02
Environment
03
Health Care
Updates
01
Insights
02
News
EN
FR
HomeServicesSectorsTeamOur WorkUpdates
EN
FR
insights
updates
March 23, 2023

Ontario Budget 2023: Dear Prudence

written by
Ontario Team
Ontario Budget 2023: Dear Prudence

As today’s budget notes, we live in uncertain times. Yet the Ford government has done their best to project stability and confidence through measured program spending, targeted economic stimulus, and refocusing efforts on bringing the province’s books back to balance as quickly as possible.

Earlier this afternoon the Honourable Peter Bethlenfalvy, Ontario’s Minister of Finance, delivered the 2023 Budget, entitled “Building a Strong Ontario”. This is officially the second budget of the Ford government’s second mandate but should be viewed as this mandate’s first real fiscal plan and in many respects the first post-pandemic focused budget. Typically we would expect at this point in the life of a government for difficult decisions to be made, including an erosion of program expenditures – think of the 2019 Budget, for example. And, certainly, Minister Bethlenfalvy has been saying for months (including as recently as an interview in The Globe and Mail this week) that this budget would stress “fiscal prudence” and would look to bring program spending under control now that the worst of the pandemic has passed.

Ontario however, like much of the global economy, appears to be teetering on the edge of a recession. Uncertainty remains prevalent amongst many residents and businesses. Inflation is still running high, and affordability-related issues remain atop the list of voters’ concerns. At times like these, we often look to our governments to provide financial support or other stimulative measures to help the economy recover and support Ontarians struggling with the rising cost of living. With an expected deficit about a quarter of the size than what was forecast in the 2022 Budget, the government arguably has some fiscal firepower available to meet these expectations.In the end, the 186-page budget takes a hybrid approach – a measured plan that sets aside large contingency funds for the uncertain economic times, commits new funding for healthcare and addressing labour shortages, and supporting businesses through a new Ontario-made manufacturing investment tax credit as well as targeted support in priority areas such as EV battery manufacturing, critical minerals, and “green steel”. All of this while pledging to achieve a balanced budget by 2024-2025 (three years earlier than previously forecast).

While municipalities may find absent new funding support to address lagging deficits, with an impressive $204.7 billion committed, this budget represents the largest fiscal plan in Ontario’s history.

Read our full analysis here.

No items found.
share article
Link copied
‍

RECENT POSTS

PM Carney announces removal of counter-tariffs in latest phase of negotiations with the United States
August 22, 2025

PM Carney announces removal of counter-tariffs in latest phase of negotiations with the United States

Today, Prime Minister Mark Carney announced that the Government of Canada will be removing a series of counter-tariff measures placed on the United States as the latest step in negotiating a final trade and security deal.

New Federal Housing Consultation Launched
August 12, 2025

New Federal Housing Consultation Launched

Canada Launches Consultation on Build Canada Homes - Opportunity to Shape a Major Federal Housing Initiative

Alberta and Ontario Sign Historic MOU for Energy Development and Cooperation on Critical Minerals and Supply Chains
July 7, 2025

Alberta and Ontario Sign Historic MOU for Energy Development and Cooperation on Critical Minerals and Supply Chains

This morning in Calgary, Alberta Premier Danielle Smith and Ontario Premier Doug Ford signed a historic collaboration agreement to get Ontario’s critical minerals and Western Canada’s oil and gas to new markets.

view all
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
company
HomeTeamCareersContactTerms & PoliciesAccessibility
explore
ServicesSectorsOur WorkUpdates
follow us
ALL RIGHTS RESERVED © 2020
Land Acknowledgement