The funding, under the Capital Priorities Program, aims at creating 19,700 new student spaces and 1525 new licensed child care spaces in schools.
$565 million of the new investment will see 26 new schools and 20 permanent additions and renovation builds.
The program will also Ontario collaborate with several school boards in this round of funding to expand solutions for accelerated school construction.
The remaining $42.6 million will be invested in the Early Years Capital Program and go towards renovations or additions to 32 child care centres located in schools across the province.