Ontario’s Finance Minister, Peter Bethlenfalvy, on Thursday, announced that the province is set to unveil its budget for the year on March 23, adding that the budget will detail a “strong future” for the province’s citizens amid the current economic state.
A few days ago, the Finance Minister stated that the province would exercise “restraint” in its budget as the high-spending budgets adopted during the Covid-19 pandemic were appropriate for the situation back then, but the government is looking at a different approach.
The province’s third-quarter update released recently detailed a $6.5-billion deficit for the previous fiscal year, marking a $6.4 billion upgrade in its fiscal situation.
The Financial Accountability Office estimates a $2.5 billion deficit for this year, projecting, however, a recovery to a billion-dollar surplus till the fiscal year 2026-27.
