Ontario’s finance minister is set to release an update today on the province’s finances.
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.
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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.
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.
This report by The Canadian Press was first published Feb. 14, 2022.