Ontario's special education grant increased from $1.6 billion in 2002-2003 to $3.2 billion in 2020-2021, representing approximately 12.5% of the overall education funding. Although demands to increase special education funding continue from an equity and inclusion standpoint, students with exceptionalities are at risk of lower achievement. This study thus examined how the special education grant for elementary and secondary students with exceptionalities in Ontario is determined, primarily through document analysis as well as the author's communication with the Ontario Ministry of Education for information not available through open documents. A review of funding information since 1998 reveals that the special education grant increases almost annually based on a variety of mechanisms encompassing six components, three of which are determined predominantly by total enrolment and three determined by claimed cases for different exceptionalities. Findings help explain how the special education grant is determined, thus informing discussion on policies regarding funding for students with exceptionalities.