The executiove director of the Huron Chamber of Commerce is cautiously optimistic about the 2025 Ontario budget.
Colin Carmichael pointed out that there are multiple measures that impact the region, including $100 million more for risk management for farmers and expansion of the manufacturing investment tax credit. The Ontario Made Manufacturing Investment Tax Credit has been expanded, increasing to 15 per cent and with broader eligibility.
He was generally pleased with the budget, pointing to measures to help businesses endure uncertain economic times.
"So, $5 billion in the protecting Ontario account, for example, some tax referrals, those kinds of things," Carmichael said. "I suspect we'll also see some measures from the federal government in the next little while, so our local businesses will be watching that closely to see how the tariff situation affects them."
Provincially administered business taxes have been deferred for six months to October 1, 2025, providing approximately $9 billion in cash flow relief to about 80,000 businesses across the province.
Carmichael warned the chamber will be watching closely to ensure some of that funding and support makes its way to rural communities.
"But as always with these provincial programs, we're always concerned that those that funding and those measures make it out to rural areas like Huron County," he continued. "So we are confident that our local MPP, of course, Lisa Thompson, who's the Minister of Rural Affairs, will keep that rural voice at the cabinet table. But history shows that often these things, the bulk of it, end up in our urban areas."
He added that the permanent cut to the provincial gas and fuel tax is an important move for rural businesses reliant on transportation and logistics. And investment is being increased in the Building Ontario Fund, which includes rural priorities such as energy, housing, and municipal infrastructure.
The budget also commits more than $700 million for workforce training and skills development, which the Chamber says could help address local labour shortages in the trades and manufacturing. He was glad to see an increase in STEM education and post-secondary construction programs.
The Skills Development Fund will be expanded to $2.5 billion, including $705 million in new funding to support upskilling, retraining, and workforce transition programs, particularly for those affected by layoffs. Additionally, the budget commits $750 million over five years to create 20,500 STEM postsecondary seats, and $75 million to add 2,600 seats in construction-related college programs.