Ontario Finance Minister expresses discomfort with size of deficit: ‘Higher than I would like’

RELATED: After Ontario tabled their budget for 2024, the province's finance minister Peter Bethlenfalvy joins Candace Daniel with more on what this means for the future of the province. – Mar 27, 2024Ontario’s finance minister says the province’s $9.8 billion deficit is higher than he “would like” but is still promising to balance the books while keeping up with record infrastructure spending amid a projected economic slowdown.

Still, the Canadian Taxpayers Federation accused the Ford government of “runaway spending” and called for a top-to-bottom review of expenses. In 2019, then-finance minister Vic Fedeli projected a surplus in 2023-24 of $300 million but the government wound up posting a $3 billion deficit. Again in 2022, current Finance Minister Peter Bethlenfalvy promised to post a $200 million surplus and is now projecting a $9.8 billion surplus.

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