Ontario’s projected deficit now stands at $6.5 billion — about half of what the government predicted just months ago in its fall economic statement. Finance Minister Peter Bethlenfalvy said a $9.
6-billion jump in revenue, mainly from corporate and sales taxes, is the reason for the improvement in the third quarter, and comes despite a jump in spending of $3.4 billion more than forecast.
Bethlenfalvy will present the province’s next budget by the end of March, and said “Ontarians can expect more of the same — that we have a plan to build Ontario. It’s going to be a plan that updates how we are doing on those priorities.” “It’s clear that the government has the fiscal capacity to invest in Ontarians but has simply chosen not to,” she said, noting the deficit is more than $13 billion less than forecast in the previous budget.
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