Ontario government provides CAD$11 billion to support economy amid U.S. tariffs

Investing.com -- The government of Ontario, led by Premier Doug Ford, has announced a relief and support package of approximately CAD$11 billion for workers and businesses. The move is an effort to shield the province's economy from the economic uncertainty and potential impact of U.S. tariffs.

Premier Ford stated that the government is committed to protecting Ontario's economy and will take necessary measures to support workers and businesses amid escalating economic uncertainty. He emphasized the importance of building a competitive economy within the G7, diversifying trade, and breaking down internal trade barriers to create a resilient and prosperous province.

The province's initial steps to support its workers and businesses involve the deferral of select provincially administered taxes for six months, from April 1, 2025, to October 1, 2025. This measure is expected to provide businesses and job creators with approximately CAD$9 billion in cash flow, enabling them to maintain employment levels and weather the economic turmoil.

In addition, the Workplace Safety and Insurance Board (WSIB) will issue a further $2 billion rebate for safe employers. This is in addition to a previous CAD$2 billion rebate distributed in March, with the aim of supporting businesses and helping to keep workers employed.

Peter Bethlenfalvy, Minister of Finance, affirmed the government's readiness to protect Ontario's workers, businesses, and families from the economic uncertainty brought on by U.S. tariffs. He stated that the measures announced will help Ontario withstand the storm while continuing to build on a plan for ongoing prosperity.

David Piccini, Minister of Labour, Immigration, Training and Skills Development, pointed out that in the last year, the WSIB provided low premiums to over 320,000 employers and surplus rebates to over 280,000 safe employers. He added that Ontario is planning to provide further relief to employers to help them keep workers employed, regardless of the challenges arising from U.S. policies.

Vic Fedeli, Minister of Economic Development, Job Creation and Trade, stated that Ontario is prepared with a plan to defend the interests of families and workers, protect the economy and jobs, and build a strong future for future generations. The government has expressed its readiness to take whatever steps are necessary to protect Ontario.