This afternoon, Ontario Finance Minister Peter Bethlenfalvy delivered the Ford Government’s Fall Economic Statement. The Statement included a series of welcome initiatives that will benefit the foodservice industry.

The province formally announced plans to send $200 cheques to 15 million eligible Ontarians. In the lead up to the announcement the Premier has specifically called out his belief that putting money back into the pockets of Ontarians will help spur an increase in restaurant spending. Of the $3B to be returned to Ontarians early in 2025, Restaurants Canada conservatively estimates that restaurants could enjoy a boost in revenue of roughly $2K-$5K each. While a one-time initiative, the timing of this funding is important because we likely have another one to two years of Canadians renewing their mortgages at higher rates than what they are presently paying.

The province also announced it will soon proceed with a formal consultation on wholesale pricing and tax on alcohol. This commitment comes after a sustained effort from Restaurants Canada to urge the government to consult on the future of wholesale pricing. This represents a significant and timely opportunity for our members whose businesses include alcohol sales. In 2022, the Ford Government delivered a 10% cut in prices restaurants and bars pay in products purchased at the LCBO, a move that saved our industry an estimated $60M per year, or roughly $6K to $7K for the average restaurant. Restaurants Canada worked over the summer in anticipation of this announcement and will advocate for deeper discounts on all products sold to restaurants and bars through the LCBO and for wholesale pricing to be extended to beer after the expiry of the Master Framework Agreement on January 1, 2025.

The full Fall Economic Statement can be found here: 2024 Ontario Economic Outlook and Fiscal Review — Building Ontario for You

Other Items of Note

Additional information regarding the government’s commitments on alcohol policy can be found on page 102.
Funding for Skills Training – Ontario will increase investment in the Skills Development Fund Training Stream by up to an additional $260 million in the current fifth round of the fund. The province is also supporting programs that will encourage more Ontarians to take up skilled trades and that will help low-income women and those leaving the correctional system to find work in high-demand sectors (see pages 109-111).
Property Assessment - The government is continuing to review the property assessment and taxation system. Provincewide property tax reassessments will continue to be deferred until this work is complete. We will continue to monitor this item (see page 85 for more details, note – nothing specific mentioned for commercial).
Extending the gas tax freeze - The province plans to further extend the temporary gas tax and fuel tax rate cuts so that the rate of tax on gasoline and fuel (diesel) would remain at 9 cents per litre until June 30, 2025.