Ontario Budget Forecasts Deficit Tripling to $9.8 Billion

Ontario’s budget is forecasting a deficit of $9.8 billion in 2024-2025, more than three times the $3 billion deficit in the current fiscal year, with more expenditure on housing and infrastructure amid a slow economy.  Ontario Finance Minister Peter Bethlenfalvy began his presentation by acknowledging the financial stresses endured by Ontarians and criticized the Federal government’s intention increase the carbon tax. The budget included no tax increases. It included an increase in infrastructure spending, and as previously announced, extending the break on fuel tax.   “In the face of global economic uncertainty and high interest rates that continue to put pressure on Ontario families, our government is taking a responsible approach by investing to rebuild Ontario’s economy without raising taxes,” Mr. Bethlenfalvy said in a statement....