Higher sales and income tax revenues led to the drop of the provincial deficit.
Finance Minister Vic Fedeli released the third quarter finances for 2018-2019.
Ontario’s financial accountability officer has said the deficit is actually about $2.5 billion lower.
Opposition politicians have accused the Progressive Conservative government of inflating the deficit so it can justify cuts to programs and services.
Fedeli says the next budget will show a path to balance, though he wouldn’t specify if the government will eliminate the deficit within its four-year mandate.