Ontario deficit rising by $5 billion; new major GTA highways and 'staycation' tax credit pledged
CTV
The Ford government is ramping up spending ahead of the June 2022 general election, with the deficit actually projected to rise by $5 billion this year, with spending planned for health-care, two new GTA highways and a tax credit for people to vacation in Ontario.
But if you were hoping for any cut to the high cost of gasoline in the province, something Premier Doug Ford suggested he might do when asked earlier this week, you’ll have to keep waiting.
The Fall Economic Statement tabled on Wednesday includes a 2021-2022 deficit of $21.5 billion, up $5.1 billion from the end of the 2020-2021 fiscal year.
The 2021-22 deficit figure is more than $11 billion below what was projected in the 2021 budget.
Wednesday's statement also projects deficits of $19.6 billion in 2022-23 and $12.9 billion in 2023-24.
