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Published 2 months ago

Ontario records $5.9B deficit for the last fiscal year

  • Ontario's budget deficit for the 2022 fiscal year was higher than anticipated, reaching several billion dollars more than projected in a recent update from the province. This indicates a significant increase in spending compared to the previous year.
  • However, the government managed to end the previous fiscal year with a $2.1 billion surplus, a stark contrast to the projected $33 billion deficit outlined in the 2021 budget. This shows a remarkable financial turnaround for Ontario.
  • Despite the increase in the deficit, the province's first-quarter finances estimated the 2022-23 deficit at $2.2 billion, suggesting a slight improvement compared to initial projections.
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