Duncan Says Ontario 2012-13 Budget Deficit Narrowing

Ontario Finance Minister Dwight Duncan said the province’s deficit in the fiscal year that began in April will be C$11.9 billion ($12 billion), not including a C$500 million reserve, narrowing from the C$14.8 billion he previously forecast.

The improvement in Ontario’s fiscal outlook comes from higher corporate taxes after the province reassessed returns from 2011 and earlier, and savings of more than C$1 billion stemming from ending the practice of letting the province’s teachers save up sick days, Duncan said.