The province will run a $4.2 billion operating budget deficit in 2023/24.
After six consecutive years of surpluses, the government ran operating deficits in 2019 and 2020.
The province expects net debt to increase by $31.2 billion over the next three fiscal years.
Program spending is projected to increase from pre-pandemic levels by 15.2 per cent in 2021/22.
The provincial budget projected that net debt would grow to $48.9 billion in 2020/21.
CIBC predicts the province's unemployment rate will rise to 9.7 per cent.
The government raised the top personal income tax rate from 16.8 per cent to 20.5 per cent.
The province’s top marginal PIT rate will increase from 16.8 per cent to 20.5 per cent.
Over the next three years, net debt is expected to grow almost 25 per cent.