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The 2024 Ontario Budget: Unlocking New Funding Opportunities

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Expert Opinion
June 20, 2024

 

2024 Ontario budget government funding parliament building

The 2024 Ontario Budget: Unlocking New Funding Opportunities

The 2024 Ontario budget aims to prioritize the economy and population under the themes of Building Ontario and Working for You by investing in various industries.

The 2024 Ontario budget aims to prioritize the economy and population under the themes of Building Ontario and Working for You by investing in various industries.

Despite high interest rates and consumer price inflation, Ontario’s economy performed stronger than expected in 2023. However, slower growth is forecasted for 2024. Nevertheless, the government has pledged to continue investing in key public services without raising taxes or fees, emphasizing their commitment to working for the people.

2024 Ontario Provincial Budget – Key Highlights

The 2024 budget focuses on two primary themes:

  1. Building Ontario

  • Rebuilding Ontario’s Economy
  • Building Infrastructure, Highways, and Transit in Your Community
  1. Working for You

  • Working for Workers
  • Keeping Your Costs Down
  • Better Services for You

A Closer Look at Building Ontario and Working for You

Building Ontario

Ontario’s Plan to Build is a major capital plan designed to accelerate economic growth, particularly in the end-to-end electric vehicle (EV) and battery supply chain.

Working for You

Ontario workers play a principal part in the Plan to Build. The government will invest in improving workers’ skills and opportunities for youth in skilled trades while keeping costs down for people and businesses.

Supporting Ontario’s Advanced Manufacturing and Automotive Sectors

Ontario offers significant funding for the advanced manufacturing and automotive sectors through the Invest Ontario Fund and the Advanced Manufacturing and Innovation Competitiveness (AMIC) program.

  • Invest Ontario Fund: An additional $100 million has been allocated, bringing the total to $600 million to boost investments and create new jobs in sectors such as advanced manufacturing, automotive, aerospace, life sciences, and technology.
  • AMIC: Launched in January 2022, the $40 million AMIC Stream under the Regional Development Program supports SMEs in the automotive, aerospace, chemical, life sciences, and steel sectors. The 2024 budget re-invests in this lucrative funding program.

Additionally, the EV and battery supply chain has seen over $28 billion in investments over the last three years, resulting in nearly 900,000 net new jobs.

Exploring the Economic Potential of the Critical Minerals Sector

The critical minerals sector powers Ontario’s EV battery supply chain. The government will continue supporting this sector through Ontario’s Critical Minerals Strategy. A $1 billion budget will build critical infrastructure such as all-season road access and broadband connectivity in the Ring of Fire region.

  • Critical Minerals Innovation Fund (CMIF): An additional $15 million has been allocated to the CMIF to support battery supply chain investments, deep exploration and mining, mineral processing, and mineral recovery. Starting in 2024, $5 million will be provided annually for three years to enhance research, development, and commercialization of innovative technologies.

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