According to the recent budget, Ontario's deficits will average 3.7 per cent of GDP over the next three years.
ontario government spending
In fiscal year 2022/23, Ontario's government debt interest costs will reach $13.9 billion.
The Ford government has said this week's budget will focus on COVID response measures.
Net debt reached $355 billion at the end of last year.
Ontario’s budget deficit will likely be the largest in provincial history.
Ontario’s budget deficit may eclipse $21 billion this year.
Less permit fee and land transfer tax revenue is driving Toronto’s overall revenue drop.
The government’s debts exceed its financial assets by approximately $353.7 billion.
Ontario's top marginal personal income tax rate of 53.53 per cent is the second-highest in North America.