Fresh off a majority victory in Ontario’s provincial election, Premier Doug Ford’s government is likely turning its attention to the 2025 budget. Although details of its content are not confirmed, it could include measures intended to fulfil Ford’s campaign pledges of stimulating the province’s economy and making life more affordable for residents.
Ontario Premier Doug Ford’s upcoming budget could signal a transformative period for the province’s fiscal landscape with the potential introduction of several tax relief measures.
The date for the provincial budget’s release has not been announced and details of its content are not confirmed. In the interim, businesses and residents could use Ford’s election focus on safeguarding Ontario’s economy, supporting workers and fostering economic growth as potential indicators for what the budget may include.
Ontario businesses could see potential corporate tax cuts and investment in the expansion of current tax credits. Through the $300 million investment initiative to expand the Ontario Made Manufacturing Investment Tax Credit, Canadian businesses operating within Ontario’s auto and advanced manufacturing sectors may see an increased in tax advantages.
These cuts and investment initiatives could encourage business investment and job creation and make Ontario a more attractive place for businesses. These measures could stimulate economic growth and increase employment opportunities across the province.
A cut to the provincial gas tax could also be included in the upcoming budget. If introduced, this could lower the cost of fuel for many Ontario residents by helping to offset the impact of inflation on transportation expenses.
In response to looming U.S. tariffs, Ontario’s budget may include provisions for tariff-related tax deferrals. This initiative could provide up to $10 billion in support for employers, helping them manage cash flow and maintain operations in the face of external economic pressures.
Running on a “Protect Ontario” platform amid the backdrop of U.S. tariffs, here are some of the key issues Ford’s Progressive Conservative Party highlighted during the recent Ontario election:
Should Ontario’s government propose initiatives such as gas tax cuts, corporate tax reductions and tariff-related tax deferrals in its upcoming budget, businesses and residents could receive immediate financial support. This, in turn, would see the governing Progressive Conservative Party act on its election pledges of economic protection and diversification, support for workers and the reduction of regulatory barriers.
