The budget is expected to tackle Ontario’s budget deficit and growing debt, propose child care subsidies, offer free dental care for low-income seniors and contain details about the province’s plans for the Greater Toronto Area’s transit systems
Ontario Finance Minister Vic Fedeli speaks with media following meetings with federal, provincial and territorial counterparts in Ottawa, Dec. 10, 2018.Ontario’s first Progressive Conservative government in 15 years will table its budget for the 2019-20 fiscal year on Thursday, laying the groundwork for the next four years as the province faces a series of economic challenges.
A few smaller budget items have already been unveiled, including the legalization of tailgate parties andOn the fiscal front, Finance Minister Vic Fedeli is expected to address a large budget deficit. The Tories have signalled since the election that their first budget would show a “path to balance.” The province is also carrying a net debt of $346-billion and a 40.4 per cent debt-to-GDP ratio, and faces slowing economic growth projections.
The previous Liberal government announced its own “path to balance” plan in 2013, bringing the deficit down from $11.5-billion in 2013-14 to a deficit of $2.4-billion by 2014-15. They ultimately abandoned their plans to balance the budget in favour of enhanced program spending in their final year, leading to a 2018-19 deficit that was last pegged at $13.5-billion by RBC Economics, or 1.5 per cent of GDP .
Mr. Fedeli’s fall economic statement, published in November, didn’t offer any balance or debt projections, but did suggest Ontarians should expect spending restraint – that is, consolidation and cuts – and tax relief in the coming years.
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