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Today, Rod Phillips, Minister of Finance, announced that the government will release its 2020 Ontario Budget on March 25. The Minister will share the next steps in the government’s plan to ensure every person in Ontario has the opportunity to grow and prosper.
This year’s Budget will demonstrate progress on the government’s plan to put the province back on sound financial footing, create the conditions for businesses to grow and create jobs, and make smart investments in key priorities.
“In our 2020 Budget, we will continue on our path to balance the books by 2023-24,” said Minister Phillips. “It’s a practical plan to create the opportunity for every region in Ontario to grow and every family in our province to prosper.”
The 2020 Budget will also demonstrate how the government’s balanced, prudent and deliberate approach to managing the Province’s finances has enabled additional investments in critical priorities for the people of Ontario, while saving taxpayers money by eliminating waste and making government smarter.
“We’re restoring balance to the Province’s books within a reasonable timeframe, so we can continue making smart investments in frontline services like health care and education, while leaving more money in people’s pockets,” said Minister Phillips. “Our Plan to Build Ontario Together will continue to deliver on our commitments to the people of our province.”
Quick Facts
- Due to construction at MacDonald Block, this year’s Budget media lockup will take place at the Metro Toronto Convention Centre. Accredited media can visit the Budget Lockup 2020 page for more information and to register.
- In January, Ontario’s 2019-20 Third Quarter Finances forecast a deficit of $9.0 billion for the year, consistent with the 2019 Fall Economic Statement and a $1.3 billion improvement from the 2019 Budget projection.
- During Ontario’s 2020 Budget consultations, Minister Phillips and Parliamentary Assistant Cho heard from more than 5,000 people and organizations, including at 28 in-person consultations in 26 communities across the province.
- The government’s Fiscal Sustainability, Transparency and Accountability Act, 2019, requires that the Ontario Budget be released on or before March 31st of each year.
- Since the Government took office in June 2018, employment in Ontario has risen by 307,800 net new jobs.
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