Provincial budget 2024–2025: Response from the Fédération des gens d’affaires francophones de l’Ontario (FGA)

Toronto, March 26, 2024— The Fédération des gens d’affaires francophones de l’Ontario (FGA) shares a preliminary analysis of the 2024–2025 provincial budget to better understand its implications for the province’s francophone business community. Overall, even against a backdrop of fiscal prudence and responsibility, and as the province faces a number of challenges, including a rising cost of living and some persistent inflation, housing affordability challenges and continued economic recovery efforts, the budget stands out in several respects. Among the points addressed in the budget are:

• Improved delivery of French-language services through the renewal of the Canada-Ontario agreement and an additional investment of $10 million over 3 years;
• An acceleration of the Building Ontario plan, the most ambitious capital plan in the province’s history, by investing more than $190 billion over the next 10 years to build and develop roads, transit lines, housing, high-speed Internet networks and other critical infrastructure that will foster economic growth;
• An additional $1 million investment in Ontario’s Regional Innovation Centres (RIC). With this funding, the government will establish a new RIC in Barrie to increase the regional benefits of innovation and economic growth.
• An introduction of the Ontario Made Manufacturing Investment Tax Credit, to help local manufacturers invest and grow their businesses by reducing costs for eligible investments in buildings, machinery or equipment used for manufacturing or processing in the province;
• Estimated business savings and support of $8 billion by 2024, including $3.7 billion for small businesses.
• An increase of the Ontario Ministry of Francophone Affairs (MFA) budget, to $8.6 million.

In addition, the budget proposes a variety of measures to address substantive issues that directly affect our businesses and communities, including:

• An additional investment of $6.8 million over the next two years to support entrepreneurs through the Small Business Enterprise Centres (SBECs). As part of this funding, the FGA will receive $500,000 over 2 years to provide additional support to help Ontario’s Francophone entrepreneurs to start and grow their business through dedicated advisory supports, workshops and events;
• A consultation process on the new Rural Economic Development Strategy;
• A doubling of the Ontario Community Infrastructure Fund;
• An additional $100 million investment in the Skills Development Fund;
• A proposal to extend the current temporary gas tax and fuel tax rate cuts to help consumers and businesses;
• Support for the Summer Company program, which provides at least 12 hours of entrepreneurial training, one-on-one mentorship, and scholarships of up to $3,000 to Ontario students between the ages of 15 and 29 to start a full-time business over the summer;

“The FGA recognizes the government’s commitment to making entrepreneurship, economic development, the workforce and reducing the cost of living central to the 2024-25 provincial budget’s concerns and courses of action. On behalf of the FGA, I would like to sincerely thank the provincial government for this afternoon’s announcement. The funding of $500,000 over two years will help us increase our impact and contribute to the enhanced prosperity of francophone businesses across the province. I’d like to especially salute the Ministry of Economic Development, Job Creation and Trade and the Ministry of Francophone Affairs for their support on this file. We look forward to working together over the next two years.

We’re also proud of the government’s recognition of our organization, by directly acknowledging in the budget the essential role the FGA plays in the province’s francophone economic landscape.” — Dominic Mailloux, President, FGA

The 2024 Budget announcement, entitled Ontario Budget 2024: Building a Better Ontario, was released late in the afternoon of March 26. The full document can be viewed at the following link: https://budget.ontario.ca/2024/contents.html

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About the Fédération des gens d’affaires francophones de l’Ontario:

The Fédération des gens d’affaires francophones de l’Ontario supports, represents and advances the interests of its members and economic stakeholders to fully develop the Francophone business community through principled policy work, resourceful business services and innovative activities focused on Francophone business market development.

Contacts and interviews:

Richard Kempler
General Manager, FGA
richard.kempler@fedefranco.ca

Jean-François Parent
Director, Communications and Business Development
jean-francois.parent@fedefranco.ca

Mélanie Grenier
Communications Manager
media@fedefranco.ca