The association highlighted several numbers to confirm the “level of fiscal support” the province is committed to during the pandemic. In contrast to the deficit of $ 8.7 billion in fiscal year 2019-2020, Ontario posted a deficit of $ 38.5 billion for fiscal year 2020-2021, which is projected to reach US $ 33.1 billion over the next three time frames Dollars, $ 27.7 billion and $ 20.2 billion, respectively.
“The long-term forecast for public borrowing is $ 54.7 billion for fiscal 2021-22 and $ 59.1 billion for fiscal 2022-23,” said IIAC. “Approximately 65% of 2020-21 borrowing was in Canadian dollars through 37 syndicated issues, including the largest province ever made in the Canadian dollar bond market and the two largest green bond issues ever by Ontario. “
The association highlighted several important announcements regarding the Ontario Securities Commission (OSC). Aside from changing laws that would add competition and capital formation to the regulator’s mandate, the provincial government said it is pushing amendments to create two distinct roles for the chairman and CEO of the OSC, as well as the responsibilities of the board of directors and the judiciary the commission to separate.
The government also announced plans to initiate consultations on the upcoming draft Capital Markets Act and disclosure by the ESG, both of which are based on recommendations from the Capital Markets Modernization Taskforce (CMMT).
The IIAC also took note of several proposed legislative changes including: