Skip to content
Facebook Twitter LinkedIn Youtube
occ-logo
  • Ontario Economic Report
  • COVID-19
    • Pandemic Preparedness Toolkit
    • Frequently Asked Questions
    • Webinars
    • Our Advocacy
    • COVID-19 Policy Brief Series
    • SME Difference Makers
    • Work From Home
    • Mental Health Resources
    • How to Protect Yourself
    • Talk To Us
    • #DifferenceMakers
  • Advocacy
    • Ontario Economic Report
    • Small Businesses, Big Impact
    • In Data We Trust
    • Ontario Economic Report
    • The Great Mosaic: Reviving Ontario’s Regional Economies
    • Our Publications
  • Councils
  • Events
    • Ontario Economic Series
    • Advocacy Day at Queen’s Park
    • Annual General Meeting
    • Ontario Business Achievement Awards
    • Ontario Business Advisory Council
  • Webinars
  • Programs
    • Canada United Small Business Relief Fund
    • Talent Opportunities Program
    • Discover Ability Network
    • Export and Trade
  • Membership
    • Affinity Programs
  • News
    • Media Releases
    • Policy Updates
    • Blogs
  • About
    • Board of Directors
    • Staff
    • Diversity and Inclusion Policy
    • Strategic Plan
    • By-Laws & Code of Conduct
  • Contact
Asset 6
x
x
  • Ontario Economic Report
  • COVID-19
    • Pandemic Preparedness Toolkit
    • Frequently Asked Questions
    • Webinars
    • Our Advocacy
    • COVID-19 Policy Brief Series
    • SME Difference Makers
    • Work From Home
    • Mental Health Resources
    • How to Protect Yourself
    • Talk To Us
    • #DifferenceMakers
  • Advocacy
    • Ontario Economic Report
    • Small Businesses, Big Impact
    • In Data We Trust
    • Ontario Economic Report
    • The Great Mosaic: Reviving Ontario’s Regional Economies
    • Our Publications
  • Councils
  • Events
    • Ontario Economic Series
    • Advocacy Day at Queen’s Park
    • Annual General Meeting
    • Ontario Business Achievement Awards
    • Ontario Business Advisory Council
  • Webinars
  • Programs
    • Canada United Small Business Relief Fund
    • Talent Opportunities Program
    • Discover Ability Network
    • Export and Trade
  • Membership
    • Affinity Programs
  • News
    • Media Releases
    • Policy Updates
    • Blogs
  • About
    • Board of Directors
    • Staff
    • Diversity and Inclusion Policy
    • Strategic Plan
    • By-Laws & Code of Conduct
  • Contact
search_White

2016 Fall Economic Statement

COVID-19 Information COVID-19 Resources
Tools and Resources Pandemic Preparedness Toolkit Frequently Asked Questions Webinars Our Advocacy Policy Brief Series SME Difference Makers Government News Work From Home Mental Health Resources How to Protect Yourself Talk To Us #DifferenceMakers
Become a Member
Become a Member >
Facebook Twitter LinkedIn Youtube

Rapid Policy Update

2016 Fall Economic Statement

November 14, 2016

This afternoon, the Government of Ontario released its 2016 Ontario Economic Outlook and Fiscal Review, which provides an update on the government’s finances and progress on key commitments since the release of the 2016 Budget. As of October, the province’s unemployment rate was 6.4 percent, lower than the rate of 7.4 percent in the rest of Canada. Ontario’s real GDP advanced by 0.8 percent and 0.2 percent in the first and second quarters of this year, respectively.

The government remains committed to eliminating its budget deficit in 2017-18. It continues to project a deficit of $4.3 billion in 2016-17, and expects to maintain a balanced budget in 2018-19. Ontario’s net debt is expected to be $317.9 billion, with net debt-to-GDP rising to 40.3 percent in 2016-17, an increase from 40 percent in 2015-16. The province is projected to pay $11.4 billion in Interest on its debt, or 8.3 percent of total expenses.

The government also made announcements related to its business growth initiative, health care, and home ownership. You can find more details below.

Updates to Ontario’s Business Growth Initiative:

Today’s announcements provided updates to the province’s Business Growth Initiative, proposed in the 2016 Budget. The government will invest $32.4 million over four years in the “Scale-Up Voucher Program” to help high-impact companies overcome barriers to their next stage of growth. Vouchers can be used to fund activities such as developing and recruiting specialized talent, accessing new markets and protecting intellectual property.

The government also announced the “Small Business Innovation Challenge” pilot program, in which participating SMEs will be provided with development opportunities to demonstrate innovative technology solutions based to government-identified problems. The government is investing $28.8 million over five years to support the pilot program.

OCC Position: The OCC supports efforts to help our most promising firms scale up. As outlined in our report Breaking Barriers, businesses in the province face a number of barriers that prevent them from growing. Business and government must continue to work together to help our companies grow into large, global leaders.

New Investments in Health Care

The government is investing an additional $140 million across all hospitals in the Province to support better care for patients and reduce wait times. This investments means that all of Ontario’s public hospitals will have received at least a two per cent increase to their base funding in 2016-17.

OCC Position: We support the government’s efforts to improve access to quality care for Ontarians. Through a series of reports released as part of our Health Transformation Initiative, we identified opportunities to improve patient outcomes while increasing value and innovation. In Prescription for Partnership, we analyze the concept of commissioning, an evidence-based approach to service design, procurement and delivery that priorities outcomes over inputs. Our findings suggest that by taking a collaborative approach to problem solving, we can generate greater value for dollars spent, improve quality of service, and encourage investment in local R&D.

Enhanced Affordability for First-Time Home Buyers

Effective January 1st, first-time home buyers in the province of Ontario will no longer pay the land transfer tax on the first $386,000 of their first home purchase and will receive a land transfer tax rebate of $4,000. The government will fund the break through increasing the land transfer rates on houses valued above $2 million dollars.

The government will also freeze the property tax rate on apartment buildings, while a review is conducted on its impact on rental market affordability.

OCC Position: The chamber supports the government’s expansion of the land transfer tax program as a means to enable first time home buyers access into the housing market. The ability to own and purchase a home plays an invaluable role in maintaining a strong economy for Ontario.

Read the full Fall Economic Statement.

For more information and questions please contact Karl Baldauf, Vice President of Policy & Government Relations.

Previous

Government Announces New Energy Strategy

Next

Government Releases Final ORPP Design Details: OCC Response

Follow Us

Facebook Twitter LinkedIn Youtube

Site Nav

  • Advocacy
  • Events
  • Programs
  • Membership
  • News
  • About
  • Contact

Receive Updates

Subscribe to our mailing list and stay up to date on everything with the Ontario Chamber of Commerce

Subscribe Now
PREMIER MEMBERS
IBM TELUS SNC Lavalin Ontario Power Generation Hydro One CPAO Bell BDO Canada RBC Royal Bank TD Bank Group Ontario Real Estate Association Music Canada Medavie Blue Cross GSK DM Primerica CN Desjardins PwC McCarthy Tetrault Coca-Cola Canada Meridian Credit Union Uber BMO Bank of Montreal Bruce Power Air Canada Power Corporation of Canada Boehringer Ingelheim Eli Lilly Greater Toronto Airports Authority Aecon Enbridge Tilray Rogers Google Waste Connections of Canada Cogeco Omers Labatt Arcelor Mittal IBC LiUNA ICG Northeastern University Fire and Flower Golfdale Consulting The Stratagem Group 407 ETR Concession Company Ltd. Accerta McKesson Canada Rothmans, Benson and Hedges (RBH) Nerds on Site Grasshopper Astra Zeneca Bio Marin Pharmaceutical Birch Hill Equity Partners Board of Canadian Registered Safety Professionals Career Colleges Ontario CF Industries Cisco Systems Canada Club Link Corporation Coca-Cola Canada Bottling Limited Innovative Medicines Canada Magna Carta International Pfizer Canada Inc. Service Now Servier The Canada Life Assurance Company Northbridge Consulting Insurance MNP Takeda

Ontario Chamber of Commerce © 2021 | Privacy Policy | Service Standard | Employment Opportunities
The OCC is an accredited chamber of commerce