Ontario Posts Its First Budget Surplus in 14 Years
- Province had not expected to return to balance until 2027-2028
- Government cautions deficit elimination is likely temporary
Toronto, Ontario, Canada.
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Ontario posted its first budget surplus in 14 years as inflation and resilience in the economy bolstered revenue above projections in fiscal 2021-2022.
The world’s largest sub-sovereign debt issuer reached a C$2.1 billion ($1.6 billion) surplus in the year ended March 31, 2022. That compares with previous expectations for a deficit of C$13.5 billion, the government said in an emailed statement.