Ontario Updates Northern Ontario Heritage Fund to Respond to U.S. Tariff Challenges

The Ontario government has announced an immediate change to the Northern Ontario Heritage Fund Corporation (NOHFC), according to the Ministry of Northern Economic Development and Growth. The NOHFC will now prioritize investments in communities across Northern Ontario to address challenges linked to U.S. tariffs.

The ministry notes that the updated funding approach will apply to rural, urban, and Indigenous communities throughout Northern Ontario. The measure is described by the ministry as a response to economic uncertainty caused by U.S. tariffs, with the aim of supporting affected sectors and regions.

According to the ministry, the revised NOHFC focus means funding will be directed to projects that help sectors and communities respond to issues related to U.S. tariffs. The ministry also states that funding will focus on supporting economic growth, innovation, and the creation or maintenance of jobs in the region.

The ministry reports that an additional $30 million investment over three years will increase the NOHFC's annual budget to $110 million. The NOHFC supports economic development projects in both the public and private sectors in Northern Ontario, according to the ministry.

Data provided by the ministry indicates that, since June 2018, the NOHFC has invested over $905 million in 7,309 projects across Northern Ontario. The ministry states that these investments have leveraged more than $2.8 billion in total investment and have been linked to the creation or maintenance of over 11,210 jobs. At its board meeting in Timmins on June 17, the ministry reported that approximately 79 projects were approved to receive NOHFC funding support.

The Ministry of Northern Economic Development and Growth is responsible for the oversight of the NOHFC.