Canadian Manufacturing

Ontario lowers deficit projection for this year to $13.1B

Finance Minister Peter Bethlenfalvy says the government has invested most of the $2.7 billion in COVID-19 relief funding.

February 14, 2022   The Canadian Press

Ontario is projecting a $13.1-billion deficit this fiscal year, down from the province’s last forecast, mostly due to higher revenues.

In the third-quarter finances, released on Feb. 14, Finance Minister Peter Bethlenfalvy says the government has invested most of the $2.7 billion in COVID-19 relief funding announced as part of the fall economic statement, with $500 million remaining for the rest of the fiscal year.

The money has gone to hospitals, property tax and energy rebates for businesses, small business grants, long-term care homes and training for personal support workers.

The 2021-22 deficit projection is $8.4 billion lower than in Ontario’s fall economic statement, with revenues $8 billion higher than expected at that time.

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The increased revenues largely come from taxes, as a result of stronger-than-expected economic activity.

The financial update comes not long before the province’s anticipated budget, which has to be tabled by March 31.


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