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Ontario to release financial report

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

February 14, 2022   The Canadian Press

Ontario’s finance minister is set to release an update on the province’s finances on Feb. 14.

Peter Bethlenfalvy will release Ontario’s third-quarter finances and discuss the province’s economic and fiscal outlook.

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

Ontario’s Financial Accountability Office released a report last week that predicted smaller deficits than the government’s previous projections, largely due to increases in revenue.

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The FAO expects a budget deficit of $2.8 billion by 2023-24, compared to a government outlook last fall of $11.4 billion.

The government’s fall economic statement projects far less revenue compared to the FAO’s assessment, and the fiscal watchdog says some of that gap — $1.7 billion in 2023-24 — could be potential unannounced tax cuts.