Ontario is on track for a budget deficit this year, finance minister says

  • 📰 TorontoStar
  • ⏱ Reading Time:
  • 54 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 25%
  • Publisher: 55%

Business News News

Business Business Latest News,Business Business Headlines

Ontario is sliding back into a budget deficit after a small surplus last fiscal year, says Finance Minister Peter Bethlenfalvy.

In his fall economic statement tabled Monday at Queen’s Park, Bethlenfalvy said Premier Doug Ford’s Progressive Conservative government would have a $12.9-billion shortfall this fiscal year.“While we expect to return to deficit for 2022-23, we know that we can eliminate Ontario’s structural deficit with a responsible fiscal plan that is flexible enough to respond to uncertainty and risk,” said Bethlenfalvy.the Tories are extending a 5.

“We know that these are challenging times for many, but the most vulnerable are the ones that feel the impact of rising prices first,” the finance minister said. “At a time when food costs are rising, communities across the province are stepping up to support those in need — and so are we.” Along with the previously announced five per cent increase in Ontario Disability Support Program payments, Bethlenfalvy is going to increase the amount recipients can earn to $1,000 from the current $200.“Our government also recognizes that there are many ODSP recipients who cannot work and that they need our continued support,” he said, noting that starting next year increases will be tied to the rate of inflation.

That comes as the Tories are in contract negotiations with education workers and are under mounting pressure to increase wages for all public servants.But that should drop to a $700-million deficit in 2024-25, suggesting the Tories should balance the books in time for the June 2026 provincial election.Bethlenfalvy is far less bullish than the

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Shocker considering the revenue they gave back

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 60. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

U.K. finance minister says tax hike, spending cuts necessary to fix public financesFinance minister Jeremy Hunt says the budget deficit which has soared after the COVID-19 pandemic and Russia’s invasion of Ukraine needs to be brought down Ha ha so it begins. Remember 1% vs 99%
Source: globeandmail - 🏆 5. / 92 Read more »