Ontario deficit down to $13 billion - Macleans.ca

Ontario deficit down to $13 billion


Ontario’s deficit has shrunk even more, now down to $13 billion. The first projections of $16.3 billion were proved to be too pessimistic about the province’s financial status. In March, the projection dropped to $15.3 billion, and then to $14.8 billion in April.

This revised deficit takes into account the $190 million the Liberals paid to a gas-fired power plant. It was done to save four seats in the GTA during the election last fall. The treasurer said the deficit is still not slated to be eliminated until 2017 to 2018. Still, the province is two years ahead of schedule.

Revenues for last year were $109.8 billion. It was $500 million above what was expected since Chrysler Canada repaid its 2009 auto bailout loan.




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Ontario deficit down to $13 billion

  1. Seems like on the deficit front things are going well: both the Feds and Ontario are doing better than anticipated!
    Good news!

  2. So far McGuinty has adopted many of Harper’s schemes: sleazy personal attack ads; big corporate tax cuts; phone-book-sized omnibus bills; withholding public documents: aka, Contempt of Parliament. Hopefully he isn’t adopting Flam-Flam Flaherty-style book cooking as well… (I guess we’ll find out if, like Harper, he starts withholding public budget documents…)

  3. The Liberals need all of the good news they can fabricate…oops, I mean get!