Ontario’s Action Plan: Responding to COVID-19

Published on March 25, 2020

Government of Ontario responding to the impact of COVID-19 on finances and economy

PORT HOPE, ON – Today, MPP David Piccini shared the Government of Ontario’s one-year plan that
reflects the current environment and the action our government is taking to support Ontarians. The
approach includes increased resources for our healthcare system, direct support for people, and action to
protect jobs and our economy.


Ontario’s Action Plan: Responding to COVID-19 includes resources for health professional on the front
lines to fight the COVID-19 outbreak, and new measures to support businesses, seniors, parents, students,
workers, Indigenous communities and vulnerable populations.


The government’s first steps, outlined today, will provide $7 billion in additional resources for the health
care system and provide direct support for people and jobs, and prompt action to help employers respond
to the challenges ahead. It will also make available $10 billion in support for people and businesses
through tax credits and deferrals to improve cash flow, protecting jobs and household budgets, while
providing the resources necessary to protect their health.


Ontario’s plan includes historic levels of prudence, including a dedicated $1.0 billion COVID-19
contingency fund as part of the additional health care investments, an increased contingency fund of $1.3
billion and unprecedented reserve of $2.5 billion – the largest in Ontario’s history – t provide continued
flexibility to respond to changing global circumstances.


Through its action plan, Ontario is immediately allocating the necessary resources to tackle the COVID19 outbreak, while continuing to invest in people. As a result, the 2020-21 deficit is projected to be $20.5
billion.


Ontario will continue to work diligently with health experts, business leaders, financial institutions,
economists and municipal and federal partners to respond swiftly and effectively to this outbreak, so that
the people of Ontario and the economy are protected during the COVID-19 outbreak.
Our government will provide a multi-year fiscal update this fall, with regular updates between now and
then.


QUICK FACTS
 The March 2020 Economic and Fiscal Update provides planning assumptions for the year ahead.
The government will provide regular updates of the Province’s fiscal and economic outlook
throughout the year.
 The Province is projecting a deficit of $9.2 billion in 2019–20, an improvement of $1.1 billion
relative to the 2019 Budget. As a result of the response to the COVID-19 outbreak, the
government is planning for a deficit of $20.5 billion in 2020–21.
 Ontario’s $2.5 billion reserve in 2020–21 is the highest ever in history.
 The government will release a multi-year provincial Budget by November 15, 2020. This
responsible approach will allow the government to continue assessing the economic situation and
put forward a long-term outlook based on the most recent and reliable data.
ADDITIONAL RESOURCES
Ontario’s Action Plan: Responding to COVID-19
March 2020 Economic and Fiscal Update