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: Partnering with Business to Create Jobs

Backgrounder April 23, 2015

Ontario continues to create rewarding, high-paying jobs. Employment has rebounded strongly from the recessionary low in June 2009, with over half a million net new jobs created —
three-quarters of which are in industries paying above-average wages. The Province has more than recovered all the jobs lost since the global economic recession. These high-quality jobs provide opportunities for personal development while also creating financial stability and securing prosperity for all Ontarians.

QUICK FACTS:

The Province has cut business regulations by 17 per cent since 2008. The cost of doing business in Ontario is competitive within Canada and around the world.

By supporting its key sectors, Ontario is experiencing promising growth in new, high-value sectors of the economy, including advanced manufacturing, biotechnology and life sciences, and information and communications technologies.

Creating Jobs for Ontarians

$200 million

The government will enhance the Jobs and Prosperity Fund (JPF) by $200 million to attract more business investments that will spur innovation and create jobs, bringing the total to $2.7 billion over 10 years.

Extend funding

Under the JPF, Ontario will also extend funding eligibility to the province’s forestry sector to help increase production capacity and expand into new markets while ensuring this resource is managed sustainably.

This will also help modernize the forestry sector and facilitate the production of higher value-added products by supporting the adoption of new technologies.

Supporting Innovation and Exports

Innovation initiative

The government will participate in the creation of a new innovation initiative that will convene an experienced group of senior business leaders who will bring their capital, knowledge and networks to help Ontario startups scale up.

$20 million

Based on recommendations by the Ontario Health Innovation Council, the government will establish a $20 million Health Technology Innovation Fund and appoint a Chief Innovation Strategist.

Increase regional trade

Work with Quebec on increasing regional trade and investment.

Encouraging Employer Investment

Funded by the Canada–Ontario Job Fund Agreement, the Canada–Ontario Job Grant is an employer-driven training initiative.

By providing two-thirds of total eligible training costs of up to $10,000, with additional flexibility for small employers, the Canada–Ontario Job Grant offers employers the opportunity to invest in their workforce. The new program began accepting employer applications in September 2014.

Helping Businesses Manage Electricity Costs

The government is continuing, beyond March 2016, electricity pricing support for qualifying large northern industrial facilities, which sustain jobs and global competitiveness.

Industrial Conservation Initiative

In the 2014 Budget, the government committed to expanding the Industrial Conservation Initiative (ICI) to provide a stronger incentive for more large and medium-sized electricity consumers to shift their electricity consumption away from peak periods, improving reliability and lowering total system costs.

The ICI is being expanded by lowering the threshold for qualifying industrial sectors from five megawatts to three.

Lowering this threshold will make more companies eligible for this rate mitigation program and will help a wider array of businesses save on the cost of electricity.

QUICK FACTS:

In 2007, Ontario established concrete targets for reducing greenhouse gas emissions by six per cent below 1990 levels by 2014, 15 per cent by 2020 and 80 per cent by 2050.

Tackling Climate Change

Cap-and-trade system

The government will be moving forward with a cap-and- trade system as its carbon pricing mechanism.

Cap-and-trade is a way of incorporating a price on carbon into decision-making. The government is able to set an overall emission limit (the cap) on those facilities included in the program, providing certainty for emission reduction, rewarding innovative companies and creating more opportunities for investment in Ontario.