Ontario Delays Balancing Budget by Another Year as Deficit Grows
- High rates, slumping economy hobble Canada’s economic engine
- Province projects C$9.8 billion shortfall for next fiscal year
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Ontario’s budget shortfall is projected to more than triple in the coming fiscal year, as the government of the most populous Canadian province delays its goal of balancing its budget by another year.
The provincial deficit is expected to be C$9.8 billion ($7.2 billion) in the fiscal year that starts April 1 — the biggest shortfall since the early days of the pandemic. Ontario is projecting a C$3 billion deficit for the current fiscal year, which ends Sunday.