Expenditure Estimates for the Ministry of Finance (2024-25)
The 2024-2025 Expenditure Estimates set out details of the operating and capital spending requirements of the Ministry of Finance for the fiscal year commencing April 1, 2024.
Summary
The Ministry of Finance supports the economic, fiscal, and taxation policies and strategies of the Government of Ontario and oversees the Province's borrowing and debt management program. The ministry produces the provincial budget and fall economic statement, and manages Ontario's fiscal relationship with the federal government and Ontario's municipalities. In conjunction with Treasury Board Secretariat, the ministry also manages the Consolidated Revenue Fund and provincial fiscal and financial policies, and reports on financial matters.
The ministry develops policies for Ontario's financial services sector and supports the regulation of financial services institutions and intermediaries conducting business in the Province. It reports on economic and demographic developments; and provides analytical and policy support on these topics, as well as statistical leadership and monitoring of trends affecting Ontario's economic growth and job creation.
The ministry administers a number of provincial tax statutes, tax credits and benefit programs, and manages the Province's relationship with the Canada Revenue Agency.
The ministry is responsible for policy development for the beverage alcohol, gaming and cannabis sectors. Along with the operational and revenue-generating agencies in these sectors, the ministry also oversees other agencies accountable to the Minister of Finance.
Ministry program summary
| Vote | Program | Estimates 2024-25 $ | Estimates 2023-24 $ | Difference between 2024-25 and 2023-24 $ | Actual 2022-23 $ |
|---|---|---|---|---|---|
| 1201 | Ministry Administration Program | 34,246,900 | 34,689,700 | (442,800) | 53,362,066 |
| 1202 | Regulatory Policy and Agency Relations Program | 18,774,700 | 18,405,200 | 369,500 | 14,452,656 |
| 1203 | Economic, Fiscal, and Financial Policy Program | 485,466,700 | 369,325,900 | 116,140,800 | 216,689,790 |
| 1209 | Tax, Benefits and Local Finance Program | 4,137,221,500 | 1,178,811,100 | 2,958,410,400 | 956,413,138 |
| 1215 | Building Ontario Fund Program | 5,000,000 | - | 5,000,000 | - |
| Total operating expense to be voted | 4,680,709,800 | 1,601,231,900 | 3,079,477,900 | 1,240,917,650 | |
| Statutory appropriations | |||||
| 14,228,241,000 | 13,764,000,000 | 464,241,000 | 12,493,990,977 | ||
Building Ontario Fund, the Building Ontario Fund Act, 2024 (proposed) | 1,000 | - | 1,000 | - | |
Other Statutory Appropriations | 50,799,087 | 50,799,087 | - | 219,224,268 | |
| Ministry total operating expense | 18,959,750,887 | 15,416,030,987 | 3,543,719,900 | 13,954,132,895 | |
| Consolidation Adjustment - Investment Management Corporation of Ontario | 310,665,800 | 296,852,100 | 13,813,700 | 243,269,000 | |
| Consolidation Adjustment - Ontario Financing Authority | 27,211,300 | 27,211,300 | - | 26,540,881 | |
| Consolidation Adjustment - Ontario Securities Commission | 151,662,400 | 141,688,200 | 9,974,200 | 138,119,490 | |
| Consolidation Adjustment - Ontario Electricity Financial Corporation | (416,727,800) | (302,706,700) | (114,021,100) | (186,775,424) | |
| Consolidation Adjustment - General Real Estate Portfolio | - | - | - | (109,606) | |
| Consolidation Adjustment – General Real Estate Portfolio for Ontario Financing Authority | (1,548,300) | (1,425,000) | (123,300) | (1,581,589) | |
| Consolidation Adjustment - Financial Services Regulatory Authority of Ontario | 120,873,400 | 107,650,500 | 13,222,900 | 100,157,361 | |
| Consolidation Adjustment - Treasury Program | 350,171,000 | 735,000,000 | (384,829,000) | 431,328,841 | |
| Consolidation Adjustment - Treasury Program - Interest Capitalization for Other Sectors | (665,412,000) | (441,000,000) | (224,412,000) | (536,035,850) | |
| Total including consolidation & other adjustments | 18,836,646,687 | 15,979,301,387 | 2,857,345,300 | 14,169,045,999 |
| Vote | Program | Estimates 2024-25 $ | Estimates 2023-24 $ | Difference between 2024-25 and 2023-24 $ | Actual 2022-23 $ |
|---|---|---|---|---|---|
| 1209 | Tax, Benefits and Local Finance Program | 1,500,000 | 1,500,000 | - | 348,448 |
| Total operating assets to be voted | 1,500,000 | 1,500,000 | - | 348,448 | |
| Statutory appropriations | 32,700,000 | 32,700,000 | - | 30,406,350 | |
| Ministry total operating assets | 34,200,000 | 34,200,000 | - | 30,754,798 |
| Vote | Program | Estimates 2024-25 $ | Estimates 2023-24 $ | Difference between 2024-25 and 2023-24 $ | Actual 2022-23 $ |
|---|---|---|---|---|---|
| Consolidation Adjustment - Investment Management Corporation of Ontario | 2,025,900 | 1,990,900 | 35,000 | 1,986,000 | |
| Consolidation Adjustment - Ontario Financing Authority | 1,323,200 | 1,372,900 | (49,700) | 946,237 | |
| Consolidation Adjustment - Ontario Securities Commission | 2,092,900 | 2,460,800 | (367,900) | 2,555,729 | |
| Consolidation Adjustment - Financial Services Regulatory Authority of Ontario | 3,313,400 | 3,511,900 | (198,500) | 3,372,668 | |
| Total including consolidation & other adjustments | 8,755,400 | 9,336,500 | (581,100) | 8,860,634 | |
| Ministry total operating and capital including consolidation and other adjustments (not including assets) | 18,845,402,087 | 15,988,637,887 | 2,856,764,200 | 14,177,906,633 |
Reconciliation to previously published data
| Operating expense | Estimates 2023-24 $ | Actual 2022-23 $ |
|---|---|---|
| Total operating expense previously published | 15,416,030,987 | 13,977,853,069 |
| Government Reorganization | ||
Transfer of functions to other Ministries | - | (23,720,174) |
| Restated total operating expense | 15,416,030,987 | 13,954,132,895 |
| Capital assets | Estimates 2023-24 $ | Actual 2022-23 $ |
|---|---|---|
| Total capital assets previously published | - | 6,206,631 |
| Government Reorganization | ||
Transfer of functions to other Ministries | - | (6,206,631) |
| Restated total capital assets | - | - |
Ministry Administration Program - Vote 1201
The Ministry Administration Program, which includes the Offices of the Minister and Deputy Minister of Finance, delivers planning, advisory, legal, and controllership functions to ensure direction and management of operating programs consistent with Ontario Government policy and legislation. The program manages relationships with Treasury Board Secretariat and other central agencies, ensures proper levels of support to the ministry and its client groups.
Vote summary
| Item number | Item | Estimates 2024-25 $ | Estimates 2023-24 $ | Difference between 2024-25 and 2023-24 $ | Actual 2022-23 $ |
|---|---|---|---|---|---|
| 1 | Ministry Administration | 34,246,900 | 34,689,700 | (442,800) | 53,362,066 |
| Total operating expense to be voted | 34,246,900 | 34,689,700 | (442,800) | 53,362,066 | |
| S | Minister's Salary, the Executive Council Act | 47,841 | 47,841 | - | 49,301 |
| S | Minister without Portfolio's Salary, the Executive Council Act | - | - | - | 5,160 |
| S | Parliamentary Assistants’ Salaries, the Executive Council Act | 32,346 | 32,346 | - | 33,102 |
| S | Bad Debt Expense, the Financial Administration Act | 1,000 | 1,000 | - | - |
| Total statutory appropriations | 81,187 | 81,187 | - | 87,563 | |
| Total operating expense | 34,328,087 | 34,770,887 | (442,800) | 53,449,629 |
Standard account by item and sub-items
| Vote- item number | Standard account by item and sub-items | Amount $ | Amount $ |
|---|---|---|---|
| 1201-1 | Ministry Administration | ||
Salaries and wages | 18,181,200 | ||
Employee benefits | 2,735,400 | ||
Transportation and communication | 1,097,700 | ||
Services | 11,399,200 | ||
Supplies and equipment | 833,400 | ||
| Total operating expense to be voted | 34,246,900 | ||
| Sub-items: | |||
| Main office | |||
Salaries and wages | 3,294,800 | ||
Employee benefits | 344,400 | ||
Transportation and communication | 305,400 | ||
Services | 193,200 | ||
Supplies and equipment | 77,200 | 4,215,000 | |
| Corporate services | |||
Salaries and wages | 9,499,600 | ||
Employee benefits | 1,921,900 | ||
Transportation and communication | 463,400 | ||
Services | 2,328,500 | ||
Supplies and equipment | 418,700 | 14,632,100 | |
| Communications Services | |||
Salaries and wages | 5,386,800 | ||
Employee benefits | 469,100 | ||
Transportation and communication | 73,600 | ||
Services | 110,300 | ||
Supplies and equipment | 164,100 | 6,203,900 | |
| Legal Services | |||
Transportation and communication | 255,300 | ||
Services | 8,767,200 | ||
Supplies and equipment | 173,400 | 9,195,900 | |
| Total operating expense to be voted | 34,246,900 | ||
| Statutory appropriations | |||
| Statutory | Minister's Salary, the Executive Council Act | 47,841 | |
| Statutory | Parliamentary Assistants’ Salaries, the Executive Council Act | 32,346 | |
| Statutory appropriations | |||
Other transactions | |||
| Statutory | Bad Debt Expense, the Financial Administration Act | 1,000 | |
| Total operating expense for Ministry Administration Program | 34,328,087 |
Regulatory Policy and Agency Relations Program - Vote 1202
The Regulatory Policy and Agency Relations Program provides coordination and oversight of the Ministry of Finance's regulatory policy agenda, and related agency oversight.
This program undertakes pension and income security policy analysis and leads development of relevant legislation and regulations. It tracks emerging trends and developments and identifies the social, economic and fiscal implications of pension and income security policies, and supports the government in formulating legislation and major economic, fiscal and policy documents. The program also manages the government's relationship with the Investment Management Corporation of Ontario.
This program ensures efficient regulation of the provincial financial services sector, including insurance, deposit-taking institutions, mortgage brokers, and the capital markets. This includes providing oversight to the Ontario Securities Commission and the Financial Services Regulatory Authority of Ontario.
The ministry also provides administrative support to the Financial Services Tribunal, an adjudicative tribunal that, at the request of affected persons, holds appeals and hearings for decisions or proposed decisions, of the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario.
This program supports the coordination of horizontal policy development across multiple ministries to support key sectors including implementation of beverage alcohol as well as gaming and cannabis. It facilitates the Minister's oversight and accountability of the Liquor Control Board of Ontario, the Ontario Cannabis Retail Corporation, and the Ontario Lottery and Gaming Corporation, and manages the Ontario Deposit Return Program for beverage alcohol containers.
Vote summary
| Item number | Item | Estimates 2024-25 $ | Estimates 2023-24 $ | Difference between 2024-25 and 2023-24 $ | Actual 2022-23 $ |
|---|---|---|---|---|---|
| 6 | Income Security and Pension Policy | 5,328,700 | 5,285,200 | 43,500 | 4,682,873 |
| 7 | Government Business Enterprise | 7,916,400 | 7,878,700 | 37,700 | 5,367,769 |
| 8 | Financial Services Policy | 5,528,600 | 5,240,300 | 288,300 | 4,402,014 |
| 12 | Financial Services Tribunal | 1,000 | 1,000 | - | - |
| Total operating expense to be voted | 18,774,700 | 18,405,200 | 369,500 | 14,452,656 | |
| Total operating expense | 18,774,700 | 18,405,200 | 369,500 | 14,452,656 |
Standard account by item and sub-items
| Vote- item number | Standard account by item and sub-items | Amount $ |
|---|---|---|
| 1202-6 | Income Security and Pension Policy | |
Salaries and wages | 4,395,500 | |
Employee benefits | 481,800 | |
Transportation and communication | 18,800 | |
Services | 410,700 | |
Supplies and equipment | 21,900 | |
| Total operating expense to be voted | 5,328,700 | |
| 1202-7 | Government Business Enterprise | |
Salaries and wages | 4,609,300 | |
Employee benefits | 581,900 | |
Transportation and communication | 72,900 | |
Services | 2,587,600 | |
Supplies and equipment | 64,700 | |
| Total operating expense to be voted | 7,916,400 | |
| 1202-8 | Financial Services Policy | |
Salaries and wages | 3,869,300 | |
Employee benefits | 525,700 | |
Transportation and communication | 68,600 | |
Services | 1,388,000 | |
Supplies and equipment | 62,700 | |
| Subtotal | 5,914,300 | |
| Less: recoveries | 385,700 | |
| Total operating expense to be voted | 5,528,600 | |
| 1202-12 | Financial Services Tribunal | |
Salaries and wages | 176,600 | |
Employee benefits | 23,000 | |
Transportation and communication | 5,200 | |
Services | 574,000 | |
Supplies and equipment | 1,500 | |
| Subtotal | 780,300 | |
| Less: recoveries | 779,300 | |
| Total operating expense to be voted | 1,000 | |
| Total operating expense for Regulatory Policy and Agency Relations Program | 18,774,700 |
Economic, Fiscal, and Financial Policy Program - Vote 1203
The Economic, Fiscal and Financial Policy Program assists the government in formulating the fiscal plan and monitors and reports on the performance of the Ontario economy through the Ontario Budget, Ontario Quarterly Finances, Ontario Economic Accounts, Economic Outlook and Fiscal Review, and Ontario’s Public Accounts. It leads preparation of the Long-Term Report on the Economy and supports the Pre-Election Review of Ontario’s Finances by the Auditor General. This program supports, develops and implements sound economic and fiscal strategies to stimulate economic growth and job creation; and it provides financial and economic expertise and advice to support the development, implementation and assessment of the impact of government policies and programs on Ontarians. It undertakes annual population projections for use in resource allocation and planning and develops demographic forecasts for Ontario and its 49 census divisions.
This program assists the Minister of Finance and the government in formulating Ontario's fiscal policy and strategies with respect to federal-provincial fiscal arrangements; and provides policy advice to clients, managers, and decision makers in the areas of fiscal management. The program facilitates engagement with central agency and line ministry partners to provide fiscal and budgetary policy advice and support policy development and prioritization. The program is responsible for statistics policy and is leading efforts to deliver high quality data and information and modernizing Ontario’s statistics services.
In addition, the program reflects the transfer of dedicated electricity earnings from the Province to the Ontario Electricity Financial Corporation.
Vote summary
| Item number | Item | Estimates 2024-25 $ | Estimates 2023-24 $ | Difference between 2024-25 and 2023-24 $ | Actual 2022-23 $ |
|---|---|---|---|---|---|
| 1 | Economic Policy | 12,586,900 | 12,236,000 | 350,900 | 11,742,749 |
| 8 | Office of the Budget | 5,438,300 | 4,494,200 | 944,100 | 4,818,041 |
| 12 | Ontario Electricity Financial Corporation Dedicated Electricity Earnings | 467,441,500 | 352,595,700 | 114,845,800 | 200,129,000 |
| Total operating expense to be voted | 485,466,700 | 369,325,900 | 116,140,800 | 216,689,790 | |
| S | Guarantees and Indemnities, the Financial Administration Act | 1,000 | 1,000 | - | - |
| S | Hydro One Inc., Provincial Corporate Tax Provision, the Electricity Act, 1998 | 1,000 | 1,000 | - | 35,000,000 |
| Total statutory appropriations | 2,000 | 2,000 | - | 35,000,000 | |
| Total operating expense | 485,468,700 | 369,327,900 | 116,140,800 | 251,689,790 |
Standard account by item and sub-items
| Vote- item number | Standard account by item and sub-items | Amount $ |
|---|---|---|
| 1203-1 | Economic Policy | |
Salaries and wages | 9,997,300 | |
Employee benefits | 1,175,000 | |
Transportation and communication | 86,400 | |
Services | 1,064,200 | |
Supplies and equipment | 264,000 | |
| Total operating expense to be voted | 12,586,900 | |
| 1203-8 | Office of the Budget | |
Salaries and wages | 4,750,200 | |
Employee benefits | 455,100 | |
Transportation and communication | 71,800 | |
Services | 119,000 | |
Supplies and equipment | 42,200 | |
| Total operating expense to be voted | 5,438,300 | |
| 1203-12 | Ontario Electricity Financial Corporation Dedicated Electricity Earnings | |
Other transactions | ||
Electricity Sector Dedicated Income | 467,441,500 | |
| Total operating expense to be voted | 467,441,500 | |
| Statutory appropriations | ||
Other transactions | ||
| Statutory | Guarantees and Indemnities, the Financial Administration Act | 1,000 |
| Statutory appropriations | ||
Other transactions | ||
| Statutory | Hydro One Inc., Provincial Corporate Tax Provision, the Electricity Act, 1998 | 1,000 |
| Total operating expense for Economic, Fiscal, and Financial Policy Program | 485,468,700 |
Tax, Benefits and Local Finance Program - Vote 1209
The Tax, Benefits and Local Finance Program develops the policy and legislative framework for Ontario's taxation and benefits systems; administers Ontario tax statutes, tax and non-tax revenue programs and a number of benefit programs; maintains the integrity of Ontario's tax system; and manages the Province's fiscal relationship with municipalities.
The program’s objective is to maintain a tax system that is competitive and transparent for business to support economic growth, while ensuring tax supports are fair and effective for individuals and families in Ontario. To this end, the program provides strategic analysis and advice as well as legislative design on a range of tax areas, including personal, corporate, mining, electricity sector, commodity, and sales, estate administration and payroll.
As part of this work, the program offers front-line customer service across the Province including program advice, education and outreach, as well as assistance throughout the registration and account management process. The program also conducts tax compliance activities including online verification, audit, inspection, investigation and collection. In addition, the program delivers key benefit programs for low-income individuals and families, including automated income-verification services and online client experience improvements to other benefit programs. The program conducts research and analysis of tax compliance; reviews tax administration programs for effectiveness, efficiencies, and opportunities to improve revenue integrity; coordinates Burden Reduction activities on behalf of the ministry; and manages the Province’s relationship with the Canada Revenue Agency.
The program provides advice on the development of policies and legislation governing the Ontario property tax system, including municipal property taxation, education property taxes and provincial land tax, establishes the policy and legislative framework for Ontario's property assessment system, and manages the Province’s relationship with the Municipal Property Assessment Corporation. It also provides strategic oversight and advice on policies that support the Province’s fiscal arrangements with municipalities and designs and delivers municipal funding programs, including the Ontario Municipal Partnership Fund, the Province's main general assistance grant to municipalities.
Vote summary
| Item number | Item | Estimates 2024-25 $ | Estimates 2023-24 $ | Difference between 2024-25 and 2023-24 $ | Actual 2022-23 $ |
|---|---|---|---|---|---|
| 1 | Tax and Benefits Administration | 3,551,968,800 | 553,926,800 | 2,998,042,000 | 401,478,911 |
| 5 | Taxation Policy | 9,695,200 | 9,598,000 | 97,200 | 6,957,187 |
| 6 | Provincial-Local Finance | 32,689,400 | 32,418,200 | 271,200 | 25,610,247 |
| 7 | Municipal Support Programs | 542,868,100 | 582,868,100 | (40,000,000) | 522,366,793 |
| Total operating expense to be voted | 4,137,221,500 | 1,178,811,100 | 2,958,410,400 | 956,413,138 | |
| S | Payments to Private Collection Agencies, the Financial Administration Act | 5,500,000 | 5,500,000 | - | 4,972,803 |
| S | Bad Debt Expense, the Financial Administration Act | 45,215,900 | 45,215,900 | - | 179,163,902 |
| Total statutory appropriations | 50,715,900 | 50,715,900 | - | 184,136,705 | |
| Total operating expense | 4,187,937,400 | 1,229,527,000 | 2,958,410,400 | 1,140,549,843 |
| Item number | Item | Estimates 2024-25 $ | Estimates 2023-24 $ | Difference between 2024-25 and 2023-24 $ | Actual 2022-23 $ |
|---|---|---|---|---|---|
| 2 | Assets | 1,500,000 | 1,500,000 | - | 348,448 |
| Total operating assets to be voted | 1,500,000 | 1,500,000 | - | 348,448 | |
| S | Advances, the Education Act | 18,500,000 | 20,300,000 | (1,800,000) | 18,082,523 |
| S | Advances, the Northern Services Boards Act | 7,000,000 | 6,200,000 | 800,000 | 6,025,346 |
| S | Advances, the Local Roads Boards Act | 7,200,000 | 6,200,000 | 1,000,000 | 6,298,481 |
| Total statutory appropriations | 32,700,000 | 32,700,000 | - | 30,406,350 | |
| Total operating assets | 34,200,000 | 34,200,000 | - | 30,754,798 |
Standard account by item and sub-items
| Vote- item number | Standard account by item and sub-items | Amount $ | Amount $ | Amount $ |
|---|---|---|---|---|
| 1209-1 | Tax and Benefits Administration | |||
Salaries and wages | 84,511,400 | |||
Employee benefits | 12,653,700 | |||
Transportation and communication | 3,787,100 | |||
Services | 232,483,900 | |||
Supplies and equipment | 2,340,300 | |||
Transfer payments | ||||
Ontario Taxpayer Rebate | 3,000,000,000 | |||
Guaranteed Annual Income System | 219,833,700 | |||
Tax Compliance Partnership Agreements | 170,000 | 3,220,003,700 | ||
| Subtotal | 3,555,780,100 | |||
| Less: recoveries | 3,811,300 | |||
| Total operating expense to be voted | 3,551,968,800 | |||
| Sub-items: | ||||
| Strategy, Stewardship and Program Policy | ||||
Salaries and wages | 19,492,700 | |||
Employee benefits | 2,572,200 | |||
Transportation and communication | 260,000 | |||
Services | 210,793,900 | |||
Supplies and equipment | 137,000 | |||
Transfer payments | ||||
Ontario Taxpayer Rebate | 3,000,000,000 | 3,233,255,800 | ||
| Tax Compliance and Benefits | ||||
Salaries and wages | 65,018,700 | |||
Employee benefits | 10,081,500 | |||
Transportation and communication | 3,527,100 | |||
Services | 21,690,000 | |||
Supplies and equipment | 2,203,300 | |||
Transfer payments | ||||
Guaranteed Annual Income System | 219,833,700 | |||
Tax Compliance Partnership Agreements | 170,000 | 220,003,700 | ||
| Subtotal | 322,524,300 | |||
| Less: recoveries | 3,811,300 | 318,713,000 | ||
| Total operating expense to be voted | 3,551,968,800 | |||
| 1209-5 | Taxation Policy | |||
Salaries and wages | 7,579,700 | |||
Employee benefits | 1,388,000 | |||
Transportation and communication | 134,900 | |||
Services | 499,500 | |||
Supplies and equipment | 93,100 | |||
| Total operating expense to be voted | 9,695,200 | |||
| 1209-6 | Provincial-Local Finance | |||
Salaries and wages | 8,153,800 | |||
Employee benefits | 968,800 | |||
Transportation and communication | 181,200 | |||
Services | 23,270,600 | |||
Supplies and equipment | 115,000 | |||
| Total operating expense to be voted | 32,689,400 | |||
| 1209-7 | Municipal Support Programs | |||
Transfer payments | ||||
Ontario Municipal Partnership Fund | 501,850,000 | |||
Special Payments to Municipalities | 16,693,100 | |||
Temporary and other Local Assistance | 24,325,000 | 542,868,100 | ||
| Total operating expense to be voted | 542,868,100 | |||
| Statutory appropriations | ||||
Services | ||||
| Statutory | Payments to Private Collection Agencies, the Financial Administration Act | 5,500,000 | ||
| Statutory appropriations | ||||
Other transactions | ||||
| Statutory | Bad Debt Expense, the Financial Administration Act | 45,215,900 | ||
| Total operating expense for Tax, Benefits and Local Finance Program | 4,187,937,400 |
| Vote- item number | Standard account by item and sub-items | Amount $ |
|---|---|---|
| 1209-2 | Assets | |
Advances and recoverable amounts | ||
Guaranteed Annual Income System | 1,500,000 | |
| Total operating assets to be voted | 1,500,000 | |
| Statutory Appropriations | ||
Advances and recoverable amounts | ||
| Statutory | Advances, the Education Act | 18,500,000 |
Advances and recoverable amounts | ||
| Statutory | Advances, the Northern Services Boards Act | 7,000,000 |
Advances and recoverable amounts | ||
| Statutory | Advances, the Local Roads Boards Act | 7,200,000 |
| Total operating assets for Tax, Benefits and Local Finance Program | 34,200,000 |
Building Ontario Fund Program - Vote 1215
The Ontario Infrastructure Bank (proposed to be renamed the Building Ontario Fund) is a new, arms-length agency to leverage investments by public-sector pension plans and other trusted Canadian institutional investors to help fund large-scale infrastructure projects across the province.
At the outset, the projects financed through this new agency will be focused on long-term care homes, energy infrastructure, affordable housing, municipal and community infrastructure and transportation.
This program will ensure effective oversight of the Ontario Infrastructure Bank (proposed to be renamed the Building Ontario Fund).
Vote summary
| Item number | Item | Estimates 2024-25 $ | Estimates 2023-24 $ | Difference between 2024-25 and 2023-24 $ | Actual 2022-23 $ |
|---|---|---|---|---|---|
| 1 | Building Ontario Fund | 5,000,000 | - | 5,000,000 | - |
| Total operating expense to be voted | 5,000,000 | - | 5,000,000 | - | |
| S | Building Ontario Fund, the Building Ontario Fund Act, 2024 (proposed) | 1,000 | - | 1,000 | - |
| Total statutory appropriations | 1,000 | - | 1,000 | - | |
| Total operating expense | 5,001,000 | - | 5,001,000 | - |
Standard account by item and sub-items
| Vote- item number | Standard account by item and sub-items | Amount $ |
|---|---|---|
| 1215-1 | Building Ontario Fund | |
Transfer payments | ||
Ontario Infrastructure Investment | 5,000,000 | |
| Total operating expense to be voted | 5,000,000 | |
| Statutory appropriations | ||
Transfer payments | ||
| Statutory | Building Ontario Fund, the Building Ontario Fund Act, 2024 (proposed) | 1,000 |
| Total operating expense for Building Ontario Fund Program | 5,001,000 |
Treasury Program
The Treasury Program is responsible for the development, direction, operation, execution and formulation of policies for the management of the Province's debt, investments, credit ratings, investor relations, and related financial administration activities. This is accomplished by issuing and managing debt, including Green Bonds, to complete the Province’s annual borrowing program; liaising with credit rating agencies on their assessment and determination of the Province's credit rating; providing centralized financial services to the Province, including banking and cash management; providing financial reporting on the fiscal position of the Province to investors and the public; providing financial analysis and support related to the electricity sector including debt and other liabilities, and monitoring the fiscal implications; co-managing, with Ontario Power Generation, the investment activities of the Ontario Nuclear Funds; providing advice to government and broader public sector entities on financing initiatives and policies, and on any direct or indirect provincial liabilities; provision of guarantees and loans by the Province and assistance in investments to its Crown Corporations and agencies; advising Crown agencies and other public bodies on financial policies and projects and investing on behalf of some public bodies; and arranging custodial and fiscal agency services for the Province and certain agencies.
The Ontario Financing Authority also provides a broad range of financial services to Ontario Electricity Financial Corporation and Infrastructure Ontario while continuing to support the government on key strategic priorities including the building out of the Ontario Infrastructure Bank (proposed to be renamed the Building Ontario Fund).
Vote summary
| Item number | Item | Estimates 2024-25 $ | Estimates 2023-24 $ | Difference between 2024-25 and 2023-24 $ | Actual 2022-23 $ |
|---|---|---|---|---|---|
| S | Interest on Debt, the Financial Administration Act | 14,228,241,000 | 13,764,000,000 | 464,241,000 | 12,493,990,977 |
| Total operating expense | 14,228,241,000 | 13,764,000,000 | 464,241,000 | 12,493,990,977 |
Standard account by item and sub-items
| Vote- item number | Standard account by item and sub-items | Amount $ | Amount $ |
|---|---|---|---|
| Statutory | Statutory appropriations Interest on Debt, the Financial Administration Act | ||
Interest on Ontario Securities | |||
For general purposes | 15,692,663,000 | ||
Canada Pension Plan Investment Board | 301,620,000 | 15,994,283,000 | |
Less: Interest Capitalized in Ministry Appropriations | 199,248,000 | ||
Less: Other interest, exchange, discount and commission | (130,845,000) | ||
Less: Interest on Investments | 2,095,644,000 | ||
| 13,830,236,000 | |||
Interest on Debt Payable to Ontario Electricity Financial Corporation | 398,005,000 | ||
| Total operating expense for Treasury Program | 14,228,241,000 |
Footnotes
- footnote[1] Back to paragraph Total operating expense includes statutory appropriations, special warrants and total operating expense to be voted.
- footnote[2] Back to paragraph Total capital assets includes statutory appropriations, special warrants and total capital assets to be voted.