Ontario aims to balance budget in 2025 despite largest spending plan in province's history

The Ontario government says it is on track to balancing the budget by 2025 despite having the largest spending plan in the province’s history.

The Ontario government says it is on track to balancing the budget by 2025 despite having the largest spending plan in the province’s history.

The 186-page budget, titled “Building A Strong Ontario,” puts a heavy emphasis on support for industry, offering tax relief to manufacturers and small businesses while pledging millions towards expanding surgeries at private clinics.

It also appears to follow through on the Doug Ford government’s promise to show “restraint” during “uncertain times.”

Under the spending plan, released Thursday afternoon, Ontario’s deficit has dropped drastically to about $2.2 billion for this fiscal year, which is about $17.7 billion that was forecasted in the 2022 budget.

The government is projecting a deficit of $1.3 billion in 2023-2024 and a small surplus of $200 million in 2024-2025.

The $204.7-billion budget is the largest in the province’s history, surpassing last year’s spending by more than $6 billion, but officials say this is the result of higher than projected inflation and a more resilient economy.

Included in the fiscal plan is about $81 billion for health care, $34.7 billion for education and $38.1 billion in “other programs.”