Ontario to balance budget ahead of 2026 election, citing delay due to 'economic uncertainty'
CTV
Ontario is facing a larger than anticipated deficit but the Doug Ford government still plans to balance its books before the next provincial election.
Ontario is facing a larger than anticipated deficit but the Doug Ford government still plans to balance its books before the next provincial election.
The 2024 budget, titled “Building a Better Ontario” and released Tuesday afternoon, builds on provincial promises made over the last year. It places a focus on infrastructure and healthcare spending while also ensuring taxpayers don’t have to reach into their pocketbooks.
“We’re sticking to our plan,” the 200-page document stresses, noting that Ontario “continues to face economic uncertainty.”
The government’s budget has surpassed last year’s in terms of total spending, making it the largest in the province’s history at about $214.5 billion. Close to $194.5 billion of that is for programming.
At the same time, the province’s deficit for the last fiscal year is projected to land at about $3 billion, which is significantly higher than the $1.3 billion projected in the 2023 budget but less than the third-quarter projection of $4.5 billion.
The province is forecasting a spike in the deficit for 2024-25, with Ontario landing about $9.8 billion in the red.
This will lower to $4.6 billion in 2025-26, with a small $500,000 surplus projected in 2026-27, just in time for the next election.
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