The Wynne government’s budget raises most middle tax rates and adjusts income thresholds.
This year’s budget plans to increase program spending by 6.1 per cent this year.
Ontario will run budget deficits of nearly $7 billion in each of the next three fiscal years.
Only New Brunswick and Nova Scotia created fewer private-sector jobs than Ontario, on average, each year between 2007 and 2016.
Ontario’s upcoming provincial budget will likely include a significant increase in government spending with an eye on the spring election.
The upcoming 2018 budget will send a clear signal about the Wynne government’s direction.
In 2016-17, the deficit was $0.991 billion but $6.276 billion was added to the net debt.
Ontario’s provincial debt nearly doubled from $157 billion in 2007/08 to $301 billion in 2016/17.
Since 2008/09, Ontario has seen its net debt increase every year by an average of $15.5 billion.
If Toronto’s housing market continues to cool there would be substantial negative implications for provincial revenues.