Thank you to the hard-working and amazing member from Brampton North for that question.

We all know that these are challenging economic times. As we navigate this uncertainty, one thing I have absolute confidence in is the resilience of Ontario’s workers, businesses, families and its people. Ontario has proven time and again that together we can overcome any obstacle that’s in our way.

And our government has a responsible plan. Our plan to build Ontario is supporting families, workers and businesses while laying a strong fiscal foundation for the future. We are continuing to take a targeted approach after unprecedented investments in response to the pandemic. Now is the time for our government to be prudent and responsible while investing in the priorities for today and planning for the future.

What I can say is, over the past couple of years, Ontario and the rest of the world faced a once-in-a-generation challenge unlike any in our lifetimes.

We have a strong plan for Ontario. By being fiscally prudent and responsible, we can overcome any challenge that comes our way. That’s why I will be proud to be in this chamber tomorrow, when the minister tables the 2023 budget. Ontario’s Plan to Build is a responsible, targeted approach to help people and businesses. This is a long-term economic vision. We are making the investments that we need today while laying a strong fiscal foundation for future generations.

Good morning, colleagues. Today, I rise to speak in support of the second reading of the Progress on the Plan to Build Act (Budget Measures), 2022, in follow-up to the Minister of Finance introducing the 2022 Ontario economic outlook and fiscal review yesterday, and Minister Bethlenfalvy initiating second reading of the bill this morning.

These documents—our progress report and the bill—include new targeted measures that advance our plan on many fronts. They move forward our work to build the economy, address the province’s labour shortages and help families and businesses keep costs down. The progress report and bill highlight how our responsible, targeted approach is positioning the province to be ready to manage uncertainty and risk as the world faces emerging economic challenges. It’s my honour to discuss the specific measures in the bill that are aimed at furthering the themes of progress articulated in our fall economic statement. I’ll begin by listing the key pieces of legislative business contained in the bill. I will then discuss them in more detail.

In relation to the Securities Act, we are proposing to introduce rule-making authority to allow public companies to digitize access to certain financial documents.

We’re also proposing amendments to the Pension Benefits Act, to consult on pension funding and governance policies to strengthen target benefit pension plans.

For the Ontario guaranteed annual income support, or GAINS, we’re proposing to temporarily double the payment to low-income seniors.

Interjections.

Another item is the Legislative Assembly Act—you won’t clap for this. Here, we’re proposing to extend the current freeze on the salaries of members of provincial Parliament.

We also have proposals related to the Supplementary Interim Appropriation for 2022-2023 Act, 2022, and Interim Appropriation for 2023-2024 Act, 2022. These proposals are customary legislative business, aimed at providing the government with the spending authority it requires to carry on operations for the 2022-23 and 2023-24 fiscal years.

Madam Speaker, we’re also proposing an extension of the tax rate reduction under the Gasoline Tax Act and the Fuel Tax Act.

As well, we are proposing amendments to allow companies to claim location fees for the purposes of the Ontario Production Services Tax Credit under the Taxation Act, 2007.

Finally, we’re proposing amendments to authorize the establishment or designation of a provincial clean energy credit registry.

Now I will focus on each item in a little more depth.

First, the Securities Act: rule-making authority in respect of the access-equals-delivery initiative. The amendments proposed here would provide the Ontario Securities Commission with authority to make rules enabling public companies to make certain documents such as prospectuses or financial statements accessible to investors online on a central website. These rules would replace the current approach, which requires public companies to provide investors with either physical or emailed copies of prospectuses or financial statements.

Under the proposed model, investors would still retain the option of requesting physical or electronic delivery of documents if they so choose. It will also encourage companies to adopt a digital and environmentally conscious approach to engaging and communicating with investors. The proposed amendment directly responds to recommendations made by the Capital Markets Modernization Taskforce in 2020 and furthers the government’s commitment to modernize capital markets in Ontario. The amendments would come into effect on royal assent.

Now for the Pension Benefits Act, specifically pension funding and government policies for target benefit pension plans: Target benefit pension plans have been operating under temporary regulation since 2007 that will expire in 2024 unless replaced by a permanent framework. These amendments will allow the government to work with stakeholders to develop a clear and fair framework for these pension plans, specifically around funding, governance and communication. This supports the government’s 2022 budget commitment and will provide employers, plan administrators and members with certainty, stability and confidence in the pension plans. Implementation of a permanent framework will also pave the way for more employers to offer workplace pension plans, increasing the opportunities for workers to save for their retirement.

As I mentioned earlier, we’re also temporarily doubling the Ontario Guaranteed Annual Income System, or GAINS, payment. These proposed amendments would temporarily double the payment for all recipients for 12 months starting in January 2023. This act provides a monthly payment to eligible low-income seniors. Currently, the maximum payment for an eligible senior is $83 per month. Under the proposed amendments, the maximum payment would be doubled to $166 per month, meaning many seniors will now be receiving almost $1,000 extra in supports in 2023. This measure, if approved, would help about 200,000 of Ontario’s lowest-income seniors manage their costs. And we’ve also committed to introducing measures to expand the eligibility of GAINS in the future to ensure more seniors who need financial help get it. As with most of the measures contained in this bill, these amendments would come into force on royal assent.

Next, I turn to the Electricity Act and the clean energy credit registry. Here, the proposed amendments would authorize the establishment or designation of a provincial clean energy credit registry by early 2023. To support investment in the province and alignment with Ontario’s low-carbon hydrogen strategy, the government is seeking approval for legislative amendments that will allow the designation or establishment of a clean energy credit registry. The registry would attract the transfer and retirement of clean energy credits from clean electricity generated and consumed in Ontario. Launching a voluntary clean energy registry would boost Ontario’s competitiveness, attract jobs and investment in the province and provide businesses with the information they need to pursue their environmental and sustainability goals.

Now I come to the Legislative Assembly Act, where we are extending the current freeze on MPP salaries. The Legislative Assembly Act limits Ontario MPP salaries at $116,550—that is, the salary that has been in effect since 2009. The act currently states that the MPP salary freeze ceases to have effect as of April 1 of the second fiscal year immediately after the provincial budget returns to surplus. As a result of the provincial surplus reported by my honourable colleague Prabmeet Sarkaria, President of the Treasury Board, in the 2021-22 public accounts of Ontario, the salary freeze would end automatically on April 1, 2023, triggering an MPP salary increase. However, we are proposing in the bill to extend the freeze indefinitely until a further amendment is made to the Legislative Assembly Act. So MPP salaries will not be increasing at this time.

I now turn to pieces of legislation that relate to government spending. First, the Supplementary Interim Appropriation for 2022-2023 Act, 2022, is required to provide the government with spending authority to carry on operations. A new supplementary interim appropriation act is normally introduced in years in which the amounts in the interim appropriation act for the year were insufficient to recover expected expenditures. A new supplementary interim appropriation act would provide supplementary interim spending authority for anticipated government expenses, pending the vote of supply. All expenditures under the proposed act would be in addition to amounts already authorized under the Interim Appropriation for 2022-2023 Act, 2021. The supply act for 2022-23 would replace and repeal the proposed act.

Second, the Interim Appropriation for 2023-2024 Act, 2022—a lot of numbers. As you all know, a new interim appropriation act is normally introduced each fall to provide the government with the spending authority it requires to carry on operations. A new interim appropriation act would provide interim spending authority for anticipated government expenses, government investments and the expenses of legislative offices for the fiscal year April 1, 2023, to March 31, 2024, pending the vote of supply. All expenditures under the proposed act would have to be charged to the proper appropriation following the vote of supply for that fiscal year. The supply act for 2023-24 would replace and repeal the proposed act.

Madam Speaker, our government understands that families and businesses are feeling financial pressure. That’s why we are also proposing to extend the cuts to the gasoline tax rate and diesel fuel tax rate. In April, our government passed legislation to temporarily cut the gasoline tax rate and fuel tax rate to nine cents per litre, which took effect July 1, 2022. On January 1, 2023, both taxes were scheduled to revert back to their rates before the temporary rate reduction. Our proposed extension of the cuts to the gas tax and the diesel fuel tax rates mean that the rate of tax on gasoline and diesel would remain at nine cents per litre until December 31, 2023. This is a temporary extension of a further 12 months. It is part of our plan to help keep costs down for Ontario families and businesses.

And now I come to the Taxation Act, 2007: Ontario Production Services Tax Credit and location fees. We are proposing an amendment to include location fees as eligible expenses for the purposes of determining the Ontario Production Services Tax Credit. The proposed amendments would allow productions to include rental fees for on-location filming as eligible expenditures for the purposes of this tax credit up to a maximum of 5% of qualifying production expenditures. The amendment would apply to expenditures incurred after November 14, 2022.

To increase the economic and cultural benefits of the province, the government is also proposing to make regulatory amendments to require that recipients of the Ontario Film and Television Tax Credit provide a screen credit acknowledging government support. This requirement would be effective for productions that began principal photography after December 31, 2022.

Madam Speaker, we are in uncertain economic times, and this bill and our 2022 fall economic statement clearly show that our government has a responsible plan with targeted new measures to help navigate these economic challenges. Whatever the economic uncertainty may bring, the people of Ontario should know that our government is prepared.