Ontario Finance Minister Peter Bethlenfalvey will present the province’s next budget on March 26. He said the budget will outline how to rebuild Ontario’s economy without raising taxes and fees and without placing additional burdens on businesses and municipalities.
When Bethlenfalvey presented an update on the province’s finances last month, he said Ontario would end the year with a $4.5 billion deficit. This is much higher than the deficit he estimated during last year’s budget. The finance minister said that there could be a deficit of 1.3 billion dollars in the financial year 2023-24.
A budget surplus was expected from the following budget year. But it is not known whether the recent high deficit estimates will lead the government to further adjustments in the future.
Ontario’s financial accountability officer said the government will have to spend more this year than planned after a court declared unconstitutional the law restricting public sector workers’ pay raises, known as Bill 124. Because, the government has to provide funds to pay off outstanding debts.
