Ontario Deficit Nearly Half a Billion More Than Predicted: FAO
Fiscal Decisions Since Election Impacting Provincial Bottom Line
Ontario’s deficit may be a good half a billion more than expected, according to the province’s financial watchdog.
Financial Accountability Officer Peter Weltman says in his fall economic outlook, fiscal decisions made since the election mean an increase to the deficit to $12.3 billion this fiscal year, and exceed 16 billion by the end of 2023.
The report cites decisions such as cancelling the cap-and-trade program, and reversing choice tax increases as factors in the increase, along with a weaker economic forecast.
The FAO calls on spending cuts or tax increases to abate the increase.
