Ontario Building a More Competitive, Resilient Northern Economy

Press Release

New focus of Northern Ontario Heritage Fund Corporation will protect jobs, companies and communities in Northern Ontario from U.S. tariffs

June 17, 2025

Northern Economic Development and Growth

TIMMINS — The Ontario government recognizes the current turbulent landscape resulting from U.S. tariffs and related U.S. trade policies, and the significant uncertainty for Northern Ontario’s workers and businesses. To protect Northern Ontario’s economy today and into the future, the government is refocussing the Northern Ontario Heritage Fund Corporation (NOHFC) to prioritize investments that protect northern industries and jobs, mitigate the impacts of trade disruptions and secure new opportunities for the long-term prosperity of the northern economy.

“To build an economy that is stronger, more competitive and self-reliant, our government is refocussing our investment priorities,” said George Pirie, Minister of Northern Economic Development and Growth. “The NOHFC’s new focus will help keep workers on the job and create more opportunities for businesses in Northern Ontario to thrive and grow in the face of U.S. tariffs.”

Starting immediately, the NOHFC will support projects that strengthen the economy and help sectors and communities respond to economic challenges in the face of U.S. tariffs. This new direction for the NOHFC will include focusing investments on projects that respond rapidly to emerging issues in sectors and communities impacted by U.S. tariffs. Funding will also focus on supporting economic growth, innovation and creating and maintaining jobs in Northern Ontario for the long-term.

These measures will help the NOHFC to further serve as a catalyst for growth and development in Northern Ontario with a renewed focus on driving prosperity, boosting competitiveness, securing new opportunities and ensuring the region remains a leader in Ontario’s economy.

This new direction is in addition to the government’s recently announced investment of an additional $30 million over the next three years, bringing the NOHFC’s annual budget to a total of $110 million. Together, these initiatives will benefit communities of all sizes, both rural and urban, including Indigenous communities.

Quick Facts

• Through its funding programs, the NOHFC offers support to public and private sector economic development projects across Northern Ontario.
• Since June 2018, the NOHFC has invested more than $905 million in 7,309 projects in Northern Ontario, leveraging more than $2.8 billion in investment and creating or sustaining over 11,210 jobs.
• At the NOHFC Board of Directors meeting in Timmins on June 17, 2025, approximately 79 projects were approved to receive NOHFC funding support.

Additional Resources