Toronto, 26 mars 2024 – Impact ON has taken a close look at Ontario’s latest provincial budget for 2024-2025 to provide a summary, highlighting both its positive aspects and the questions it raises.

First, there is no denying that Ontario’s current economic context presents significant challenges, with a growing deficit and high public debt as a proportion of gross domestic product (GDP). Impact ON notes that the cumulative challenges of low growth and inflation are currently a major concern.

With regard to housing, Impact ON welcomes the various strategies proposed to address Ontario’s housing crisis. However, we must ask whether these measures will be sufficient and implemented quickly enough to have a significant impact. Furthermore, it is regrettable to note the absence of specific measures in favour of housing cooperatives, which have proven their effectiveness in creating affordable and sustainable housing.

On the healthcare front, the increase in the number of places in seniors’ residences is good news. However, to avoid reliving the disastrous situation experienced during the COVID-19 pandemic, it is important to address the lack of funding for home care, an essential component of seniors’ well-being that also costs taxpayers less. Moreover, there is no mention of the importance of cooperatives or social enterprises in this sector, which offer high-quality, person-centred services. 

In terms of training, the allocation of additional funds for skills development is to be applauded. At the same time, particular attention must be paid to ensuring that these funds benefit all workers, including those from disadvantaged or marginalized backgrounds.

As far as energy is concerned, the emphasis is on nuclear power, and renewable energy sources such as wind and solar power are conspicuously absent. Further exploration of forest biomass should also be encouraged, as it could offer opportunities for economic development while preserving the environment. 

In the area of food and agri-food, it is intriguing to see such a strong focus on reducing alcohol taxation, to the detriment of other sub-sectors that would really be of prime necessity. It is imperative to devote greater attention to these crucial sectors for Ontario’s economy (agriculture, food production in Ontario, new markets for products, etc.), as well as to the development of rural communities. It is to be hoped that the current consultations in Ontario’s agriculture sector will soon produce some interesting priorities, by the autumn economic update at the latest.

The issue of development in Northern Ontario, particularly around the Ring of Fire, remains a major concern, and has been for years. Concrete progress on this front remains to be seen, in order to stimulate the regional economy and create sustainable jobs for local communities, particularly First Nations communities.

Regarding support for developing communities, additional funding for sports and recreation infrastructure is to be commended. 

As for cooperatives, while the article on federal support for credit unions is commendable, we would point out that provincial support is just as crucial to the development and growth of the cooperative and social enterprise sectors in Ontario as a whole. 

Finally, it is important to celebrate the funding granted to the Fédération des gens d’affaires de l’Ontario to support our Francophone community. At the same time, the Province emphasizes that it matches federal funds invested in the Francophonie, but this begs the question of the link between the Francophonie and federal funding, highlighting the risks of dependency and the need for more robust provincial policies to independently support its Francophone communities.

In conclusion, Ontario’s provincial budget for 2024-2025 has both positive aspects and challenges. As an organization committed to developing and promoting impact businesses , in particular cooperatives and social enterprises, Impact ON will continue to closely monitor future budget developments and advocate for policies that promote the socio-economic fulfillment and well-being of all Ontarians.