Ontario’s finance minister is set to table his fall economic statement on Wednesday afternoon, with the annual document expected to shed light on how the liberalization of alcohol has impacted LCBO revenues and a series of new funding promises from the Ford government.
The fall economic statement, also considered the province’s mini-budget, includes updates on Ontario’s debt, the cost of various government programs and details of the economic outlook.
As it has in previous years, the Ford government has already revealed several of the measures that will be included in the document.
The headline announcement the government is touting is a $200 cheque — or tax rebate — for almost every adult in the province and an extra $200 for every child. The plan, which opposition parties have called a “gimmick” and a “bribe,” will see the cheques mailed out across the province early next year.
The fall economic statement is also expected to include a bi-annual extension to the 5.7-cent gas tax cut through to June 2025, a move the province has repeated every six months since July 2022.
On education, ahead of the fall economic statement, the government confirmed it would expand its learn and stay grant to keep medical students in Ontario by $88 million over three years beginning in 2026.
Clarity is anticipated on the potential cost of allowing corner stores and more grocery outlets to sell alcohol as part of the release of new financial figures.
The province has confirmed a $225-million payment to the Beer Store to break its alcohol sales rights but has not confirmed if the LCBO will lose revenue from the deal — and how much. The Ontario Liberals have speculated the overall plan could cost as much as $1 billion, something the finance minister has dismissed.
The economic document will be unveiled in the legislature just after 1 p.m. on Wednesday.