Ontarian budget deficit projected at $4.5B, down from fall's estimate due to higher taxes, federal transfers, and lower debt interest costs.

Ontarian officials recently unveiled their projected budget deficit for the current fiscal year, which they estimate to stand at $4.5 billion. This financial update by Finance Minister Peter Bethlenfalvy indicated a decrease in deficit when compared to fall economic statements, owing to increased revenue, including taxes and transfers from the federal government. Additionally, lower interest costs on the province's debt due to improved interest rate forecasts have contributed to the reduced deficit projection.

February 12, 2024
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