Summary

The Ministry supports economic growth and job creation focused on delivering value for money, enhanced accountability, and improved transparency for all Ontarians by:

  • providing programs and services that help increase °ÄÃÅÓÀÀû's overall productivity and competitiveness, and help companies launch, grow and scale, and harness the right talent.
  • leading an all-of-government approach to develop and implement cross-cutting policies and strategies to ensure °ÄÃÅÓÀÀû remains globally competitive and on a path towards continued economic growth.
  • partnering with other levels of government to develop policies, strategies, and solutions in support of small and medium-sized businesses.
  • developing and implementing strategies, policies and programs that help small businesses to start, grow and thrive.
  • supporting °ÄÃÅÓÀÀû’s venture capital ecosystem to help companies grow and compete globally.

The Ministry also promotes °ÄÃÅÓÀÀû as a top-tier trading partner and investment destination, showcasing how we are making it easier to establish and do business in the province. Through its international network of Trade and Investment Offices, and the delivery of trade policy and program supports, the Ministry protects °ÄÃÅÓÀÀû’s interests in free trade agreements and helps businesses increase their exports to grow and scale.

Through its agency, Invest °ÄÃÅÓÀÀû, the Ministry promotes °ÄÃÅÓÀÀû as a top-tier investment destination, showing the world how we are making it easier to invest and do business in the province.

Ministry program summary

Vote Program Estimates
2023-24		 Estimates
2022-23		 Difference
between
2023-24
and
2022-23		 Actual
2021-22

Operating expense
901 Ministry Administration Program $23,140,900 $23,118,500 $22,400 $19,760,127
902 Economic Development, Job Creation and Trade Program $1,284,810,200 $913,462,700 $371,347,500 $954,791,356
  Total operating expense to be voted $1,307,951,100 $936,581,200 $371,369,900 $974,551,483
  Statutory appropriations $1,182,187 $829,565 $352,622 $8,614,153
  Ministry total operating expense $1,309,133,287 $937,410,765 $371,722,522 $983,165,636
  Consolidation Adjustment - Venture °ÄÃÅÓÀÀû $671,400 ($1,278,800) $1,950,200 ($1,347,282)
  Consolidation Adjustment - General Real Estate Portfolio - - - ($211)
  Consolidation Adjustment - Invest °ÄÃÅÓÀÀû - - - $2,777,989
  Total including consolidation & other adjustments $1,309,804,687 $936,131,965 $373,672,722 $984,596,132

Operating assets
902 Economic Development, Job Creation and Trade Program $109,722,000 $143,000,000 ($33,278,000) $3,306,902
  Total operating assets to be voted $109,722,000 $143,000,000 ($33,278,000) $3,306,902
  Ministry total operating assets $109,722,000 $143,000,000 ($33,278,000) $3,306,902

Capital expense
902 Economic Development, Job Creation and Trade Program $3,000 $3,000 - -
  Total capital expense to be voted $3,000 $3,000 - -
  Statutory appropriations $1,000 $1,000 - -
  Ministry total capital expense $4,000 $4,000 - -
  Total including consolidation & other adjustments $4,000 $4,000 - -

Capital assets
902 Economic Development, Job Creation and Trade Program $2,000 $2,000 - -
  Total capital assets to be voted $2,000 $2,000 - -
  Ministry total capital assets $2,000 $2,000 - -
  Ministry total operating and capital including consolidation and other adjustments (not including assets) $1,309,808,687 $936,135,965 $373,672,722 $984,596,132

Reconciliation to previously published data

Operating expense Estimates
2022-23		 Actual
2021-22
Total operating expense previously publishedfootnote 1 $943,401,165 $989,093,599
Government reorganization    

Transfer of functions to other ministries

 ($5,990,400) ($5,927,963)
Restated total operating expense $937,410,765 $983,165,636

Ministry Administration Program - Vote 901

This program provides financial, human resources, planning, legal, and other corporate services for the operational programs and certain agencies of the Ministry.

Vote summary

Item number Item Estimates
2023-24		 Estimates
2022-23		 Difference
between
2023-24
and
2022-23		 Actual
2021-22

Operating expense
1 Ministry Administration $23,140,900 $23,118,500 $22,400 $19,760,127
  Total operating expense to be voted $23,140,900 $23,118,500 $22,400 $19,760,127
S Minister's Salary, the Executive Council Act $47,841 $47,841 - $49,301
S Minister without Portfolio’s Salary, the Executive Council Act - $22,378 ($22,378) -
S Parliamentary Assistants' Salaries, the Executive Council Act $32,346 $32,346 - $19,918
S Bad Debt expense, the Financial Administration Act $1,000 $1,000 - $873
  Total statutory appropriations $81,187 $103,565 ($22,378) $70,092
  Total operating expense $23,222,087 $23,222,065 $22 $19,830,219

Standard account by item and sub-items

Vote-
Item
number		 Standard account by item and sub-items Amount Amount

Operating expense
901-1 Ministry Administration    
 

Salaries and wages

   $14,036,800
 

Employee benefits

   $1,430,000
 

Transportation and communication

   $630,000
 

Services

   $6,590,000
 

Supplies and equipment

   $454,100
 

Other transactions

   $100,000
  Subtotal   $23,240,900
  Less: Recoveries   $100,000
  Total operating expense to be voted   $23,140,900
  Sub-Items:    
  Main Office    
 

Salaries and wages

 $6,082,200  
 

Employee benefits

 $562,300  
 

Transportation and communication

 $185,000  
 

Services

 $1,761,900  
 

Supplies and equipment

 $75,000 $8,666,400
  Planning and Finance    
 

Salaries and wages

 $3,695,500  
 

Employee benefits

 $428,300  
 

Transportation and communication

 $350,000  
 

Services

 $1,680,100  
 

Supplies and equipment

 $192,500  
 

Other transactions

 $100,000  
 

Subtotal

 $6,446,400  
 

Less: Recoveries

 $100,000 $6,346,400
  Human Resources    
 

Salaries and wages

 $1,069,400  
 

Employee benefits

 $105,400  
 

Transportation and communication

 $40,000  
 

Services

 $183,000  
 

Supplies and equipment

 $20,000 $1,417,800
  Communications Services    
 

Salaries and wages

 $3,154,700  
 

Employee benefits

 $332,000  
 

Transportation and communication

 $35,000  
 

Services

 $700,000  
 

Supplies and equipment

 $40,000 $4,261,700
  Legal Services    
 

Salaries and wages

 $35,000  
 

Employee benefits

 $2,000  
 

Transportation and communication

 $20,000  
 

Services

 $2,265,000  
 

Supplies and equipment

 $126,600 $2,448,600
  Total operating expense to be voted   $23,140,900
  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   $23,222,087

Economic Development, Job Creation and Trade Program - Vote 902

This program supports economic growth and job creation in °ÄÃÅÓÀÀû by:

  • delivering and managing related funding and business support programs
  • engaging with industry to support °ÄÃÅÓÀÀû priorities and issues management
  • collaborating with partner ministries to develop policies and strategies to improve business competitiveness
  • ensuring °ÄÃÅÓÀÀû's interests are well-represented in all trade matters and negotiations; developing investment and trade strategies to increase °ÄÃÅÓÀÀû's competitiveness domestically and internationally
  • identifying potential sites well suited for major industrial investments and working with municipalities, landowners and utility partners to make these sites investment ready
  • attracting, promoting, and facilitating exports and investment through °ÄÃÅÓÀÀû’s international network of 15 Trade and Investment Offices
  • delivering export growth programs and services to help °ÄÃÅÓÀÀû businesses enhance their global profile
  • providing broader investment services and valuable connections for investors looking to establish their businesses in the province
  • advancing Foreign Direct Investment in °ÄÃÅÓÀÀû and building strategic partnerships with leading companies and stakeholders within key sectors of °ÄÃÅÓÀÀû’s economy
  • attracting and growing investment in key business clusters, regions, and sectors, such as automotive, advanced manufacturing, biomanufacturing and life sciences
  • establishing a Land Development Allocation to finance the development of an inventory of assembled and serviceable industrial sites that equips °ÄÃÅÓÀÀû to secure high-value strategic greenfield projects in its investment pipeline

°ÄÃÅÓÀÀû’s investment attraction agency, Invest °ÄÃÅÓÀÀû, plays a pivotal role in the province’s economic recovery and future growth. It works to secure anchor and next generation investments that will create jobs, increase resilience, and diversify our economy, and create new opportunities across value and supply chains.

The Ministry is delivering technology adoption and talent programs that build strong relationships with members of the entrepreneurial and innovation ecosystem and to provide them with access to capital and services to scale-up their businesses and create jobs.

The Ministry also supports Intellectual Property °ÄÃÅÓÀÀû, a new go-to resource that will help researchers and companies maximize the value of their intellectual property (IP) and strengthen their capacity to grow and compete in the global market.

Vote summary

Item number Item Estimates
2023-24		 Estimates
2022-23		 Difference
between
2023-24
and
2022-23		 Actual
2021-22

Operating expense
13 Economic Development, Job Creation and Trade $1,284,810,200 $913,462,700 $371,347,500 $954,791,356
  Total operating expense to be voted $1,284,810,200 $913,462,700 $371,347,500 $954,791,356
S Bad Debt expense, the Financial Administration Act $1,101,000 $726,000 $375,000 $8,544,061
  Total statutory appropriations $1,101,000 $726,000 $375,000 $8,544,061
  Total operating expense $1,285,911,200 $914,188,700 $371,722,500 $963,335,417

Operating assets
14 Economic Development, Job Creation and Trade $109,722,000 $143,000,000 ($33,278,000) $3,306,902
  Total operating assets to be voted $109,722,000 $143,000,000 ($33,278,000) $3,306,902
  Total operating assets $109,722,000 $143,000,000 ($33,278,000) $3,306,902

Capital expense
21 Economic Development, Job Creation and Trade $3,000 $3,000 - -
  Total capital expense to be voted $3,000 $3,000 - -
S Amortization, the Financial Administration Act $1,000 $1,000 - -
  Total statutory appropriations $1,000 $1,000 - -
  Total capital expense $4,000 $4,000 - -

Capital assets
22 Economic Development, Job Creation and Trade $2,000 $2,000 - -
  Total capital assets to be voted $2,000 $2,000 - -
  Total capital assets $2,000 $2,000 - -

Standard account by item and sub-items

Vote-
Item
number		 Standard account by item and sub-items Amount Amount Amount

Operating expense
902-13 Economic Development, Job Creation and Trade      
 

Salaries and wages

     $42,161,300
 

Employee benefits

     $5,116,500
 

Transportation and communication

     $3,677,900
 

Services

     $21,934,700
 

Supplies and equipment

     $1,126,100
 

Transfer payments

      
 

Auto Assemblers Investments

   $5,400,000  
 

Automotive Plan

   $6,050,000  
 

Commercialization and Innovation Network Support

   $21,604,200  
 

Communitech Hub

   $3,900,000  
 

Critical Technologies Initiative

   $32,200,000  
 

Enhanced Digital Mainstreet

   $20,000,000  
 

Futurpreneur

   $2,000,000  
 

Industrial Land Development

   $90,350,000  
 

Intellectual Property °ÄÃÅÓÀÀû

   $7,682,300  
 

Invest °ÄÃÅÓÀÀû Fund

   $34,000,000  
 

Invest °ÄÃÅÓÀÀû Fund - operating

   $13,910,000  
 

Jobs and Prosperity Fund and other Business Support Programs

   $149,059,700  
 

Life Sciences Strategy

   $5,500,000  
 

°ÄÃÅÓÀÀû Business-Research Institute Tax Credit

   $27,266,300  
 

°ÄÃÅÓÀÀû Centre of Innovation

   $17,050,000  
 

°ÄÃÅÓÀÀû Innovation Tax Credit

   $191,212,400  
 

°ÄÃÅÓÀÀû Made Manufacturing Investment Tax Credit

   $215,000,000  
 

°ÄÃÅÓÀÀû Together Fund

   $1,000,000  
 

°ÄÃÅÓÀÀû Vehicle Innovation Network

   $15,680,000  
 

Regional Opportunities Investment Tax Credit

   $80,710,800  
 

Small Business Digitization Competence Centre

   $5,000,000  
 

Sector Support Grants

   $12,502,500  
 

Small Business Enterprise Centres Entrepreneurship Programs

   $10,901,000  
 

Strategic Investments

   $240,017,400  
 

Toronto Global

   $2,500,000  
 

Trillium Network for Advanced Manufacturing

   $500,000 $1,210,996,600
  Subtotal     $1,285,013,100
  Less: Recoveries     $202,900
  Total operating expense to be voted     $1,284,810,200
  Sub-Items:      
  Economic Development and Investment      
 

Salaries and wages

   $15,257,700  
 

Employee benefits

   $2,083,200  
 

Transportation and communication

   $1,562,800  
 

Services

   $6,686,300  
 

Supplies and equipment

   $465,200  
 

Transfer payments

      
 

Auto Assemblers Investments

 $5,400,000    
 

Automotive Plan

 $6,050,000    
 

Critical Technologies Initiative

 $32,200,000    
 

Enhanced Digital Mainstreet

 $20,000,000    
 

Industrial Land Development

 $90,350,000    
 

Invest °ÄÃÅÓÀÀû Fund

 $34,000,000    
 

Invest °ÄÃÅÓÀÀû Fund - operating

 $13,910,000    
 

Jobs and Prosperity Fund and other Business Support Programs

 $149,059,700    
 

Life Sciences Strategy

 $5,500,000    
 

°ÄÃÅÓÀÀû Made Manufacturing Investment Tax Credit

 $215,000,000    
 

°ÄÃÅÓÀÀû Together Fund

 $1,000,000    
 

°ÄÃÅÓÀÀû Vehicle Innovation Network

 $15,680,000    
 

Regional Opportunities Investment Tax Credit

 $80,710,800    
 

Small Business Digitization Competence Centre

 $5,000,000    
 

Sector Support Grants

 $12,502,500    
 

Strategic Investments

 $240,017,400    
 

Toronto Global

 $2,500,000    
 

Trillium Network for Advanced Manufacturing

 $500,000 $929,380,400 $955,435,600
  Strategy and Policy      
 

Salaries and wages

   $4,986,800  
 

Employee benefits

   $571,700  
 

Transportation and communication

   $99,500  
 

Services

   $608,400  
 

Supplies and equipment

   $53,000  
 

Subtotal

   $6,319,400  
 

Less: Recoveries

   $202,900 $6,116,500
  Start-ups and Scale-ups      
 

Salaries and wages

   $6,800,000  
 

Employee benefits

   $885,000  
 

Transportation and communication

   $415,600  
 

Services

   $2,502,700  
 

Supplies and equipment

   $229,000  
 

Transfer payments

      
 

Futurpreneur

 $2,000,000    
 

Small Business Enterprise Centres Entrepreneurship Programs

 $10,901,000 $12,901,000 $23,733,300
  International Trade      
 

Salaries and wages

   $15,116,800  
 

Employee benefits

   $1,576,600  
 

Transportation and communication

   $1,600,000  
 

Services

   $12,137,300  
 

Supplies and equipment

   $378,900 $30,809,600
  Innovation      
 

Transfer payments

      
 

Commercialization and Innovation Network Support

 $21,604,200    
 

Communitech Hub

 $3,900,000    
 

Intellectual Property °ÄÃÅÓÀÀû

 $7,682,300    
 

°ÄÃÅÓÀÀû Business-Research Institute Tax Credit

 $27,266,300    
 

°ÄÃÅÓÀÀû Centre of Innovation

 $17,050,000    
 

°ÄÃÅÓÀÀû Innovation Tax Credit

 $191,212,400 $268,715,200 $268,715,200
  Total operating expense to be voted     $1,284,810,200
  Statutory appropriations      
 

Other transactions

      
Statutory

Bad Debt expense, the Financial Administration Act

     $1,101,000
  Total operating expense for Economic Development, Job Creation and Trade Program     $1,285,911,200

Operating assets
902-14 Economic Development, Job Creation and Trade      
 

Loans and Investments

      
 

Invest °ÄÃÅÓÀÀû

   $49,500,000  
 

Strategic Investments

   $3,000,000  
 

Jobs and Prosperity Fund and other Business Support Programs

   $57,222,000 $109,722,000
  Total operating assets to be voted     $109,722,000
  Total operating assets for Economic Development, Job Creation and Trade Program     $109,722,000

Capital expense
902-21 Economic Development, Job Creation and Trade      
 

Other transactions

     $3,000
  Total capital expense to be voted     $3,000
  Statutory appropriations      
 

Other transactions

      
Statutory

Amortization, the Financial Administration Act

     $1,000
  Total capital expense for Economic Development, Job Creation and Trade Program     $4,000

Capital assets
902-22 Economic Development, Job Creation and Trade      
 

Investments in Tangible capital Asset

     $1,000
 

Land and marine fleet - asset costs

     $1,000
  Total capital assets to be voted     $2,000
  Total capital assets for Economic Development, Job Creation and Trade Program     $2,000