The report shows $2.3 billion of new investments, including additional funding to support hospitals in response to the Omicron variant and business supports such as the Ontario Business Costs Rebate Program and the Ontario COVID-19 Small Business Relief Grant.

The Ontario government released the 2021-22 Third Quarter Finances, which provide an update on Ontario’s economic and fiscal outlook for this fiscal year as of February 2, 2022.

The report shows $2.3 billion of new investments, including additional funding to support hospitals in response to the Omicron variant and business supports such as the Ontario Business Costs Rebate Program and the Ontario COVID-19 Small Business Relief Grant.

Ontario is now projecting a deficit of $13.1 billion in 2021-22 – an improvement of $8.4 billion from the deficit forecast in the 2021 Ontario Economic Outlook and Fiscal Review: Build Ontario. This is primarily due to the increased revenue forecast largely attributable to stronger than expected economic growth in 2021 and higher net tax assessments for prior years.

This stronger economic growth demonstrates that, despite ongoing uncertainty as a result of the pandemic, the government’s swift actions and critical investments to protect the economy have been successful and Ontario’s economy remains resilient.

The government’s next fiscal update will appear in the 2022 Budget. https://news.ontario.ca/en/release/1001603/ontario-releases-2021-22-third-quarter-finances