Ontario Minister of Finance Peter Bethlenfalvy released today the 2021 Ontario Economic Outlook and Fiscal Review: Build Ontario.
The plan lays out how the government will build the foundation for Ontario’s recovery and prosperity by getting shovels in the ground on critical infrastructure, attracting increased investment, and restoring leadership in the manufacturing sector and other industries. The plan also maintains Ontario’s progress against the COVID-19 pandemic.
Of note to the Ontario Trucking Association (OTA) was the government’s commitment to infrastructure expansion and ensuring Ontario businesses can train the talent they need. Highlights of infrastructure and training measures are highlighted below.
The 2021 Ontario Economic Outlook and Fiscal Review: Build Ontario is the government’s seventh financial update since the pandemic began. For more information, see the Government of Ontario’s news release here.
Infrastructure
- To build, expand and repair Ontario’s highways and bridges, create jobs and spur economic growth, the government has invested approximately $2.6 billion in funding for 2021–22 in support of the Ontario Highways Program, which features more than 580 construction, expansion and rehabilitation projects. As part of the Highways Program, the government has committed funding to build and advance the Bradford Bypass and Highway 413.
“Infrastructure investment is a key component of economic recovery. The province continues to make crucial investments in highways, roads and bridges, which improves road safety, commuting, supports job creation and, ultimately, helps the economy grow. As a vital east-west freeway-to-freeway connector in the northern GTA, the construction of Bradford By-Pass will significantly assist the trucking industry and, by extension, the provincial economy,” said Stephen Laskowski president & CEO Ontario Trucking Association
As for Highway 413, Laskowski said it represents a crucial, long-term investment for the Province of Ontario, which will attract future investment and jobs.
“Highway 413 will fill infrastructure gaps in Ontario’s roadway links to the benefit of the province’s transportation and logistics hubs in the Northwestern GTA that serve as the epicentre of Canada’s supply chain,” he continued. “The highway will also provide congestion relief for Highway 401 and add redundancy to the GTA’s 400-series network, significantly improving transit times for goods movement by truck and access to Central and Northern Ontario while strengthening the connection for Canada’s busiest truck-rail intermodal facilities. Highway 413 is not only a fundamental piece of infrastructure, but also a key part of Ontario’s success in the future.”
Training
- To provide more training opportunities for workers, the government is proposing to extend the Ontario Jobs Training Tax Credit to 2022. The 2022 credit extension would provide an estimated $275 million in support to about 240,000 people, or $1,150, on average;
- To support workers who need training to get a job, the province is investing an additional $5 million in 2021–22 to expand the Second Career program.
To learn more about the eligibility of the Ontario Jobs Training Tax Credit go to https://www.ontario.ca/page/ontario-jobs-training-tax-credit
“The Ontario Trucking Association (OTA) would like to thank the Government of Ontario for their ongoing support for our industry. With over 18,000 current job vacancies in the sector nationally, a large proportion of which are in Ontario, programs like the Ontario Jobs Training Tax Credit will play a role in helping us train drivers to our industry and by extension keep the Ontario economy moving,” added Laskowski.