In the 44th parliament which was formed after the 2021 federal election (where the governing Liberals were re-elected with an increased minority), Fonseca was selected as the chair of the powerful Finance Committee.

He graduated from St. Michael's College School and attended the University of Oregon, gaining a Bachelor of Arts on an athletic scholarship.

[1] He worked as a senior performance management consultant for the Coach Corporation and has run an importing and distributing company in Portugal.

He was the top finisher for the Canadians, placing 21st overall in a 42.195-kilometre (26.219 mi) race with a time of 2 hours, 17 minutes and 28 seconds.

[8] On 23 October 2003, he was named parliamentary assistant to George Smitherman, the Minister of Health and Long-Term Care.

[10] On 16 December 2010, Fonseca resigned from the Ontario cabinet to run for the federal Liberals in the riding of Mississauga East—Cooksville.