According to the government’s new projections, the deficit will be $5.6 billion—quadruple what it projected earlier this year.
No Sign of Significant Debt Reduction or Tax Relief in Ford’s Spring 2023 Budget – It’s All Spend, Spend, Spend!
The budget projects a deficit of $1.3 billion this year.
The province's government debt burden equals 38.7 per cent of the provincial economy.
At 53.53 per cent, the province has the third-highest top personal income tax rate in Canada and the United States.
Ontario’s net debt increased from $373.6 billion in 2020/21 to $380.4 billion in 2021/22.
The province holds $380.4 billion in debt—or nearly $26,000 per Ontarian.
The government plans to increase spending by 8.6 per cent.
Government-sector workers in the province enjoy a 10.3 per cent wage premium over their private-sector counterparts.