Ontario: Provincial government to propose budget on March 23

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.