Ontario set to release third quarter financial update

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CN Tower

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.

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