The provincial government revised its $1.0 billion projected budget surplus to a $250.5 million projected deficit.
The province's mining activities generate more than $19.4 billion in mineral sales.
The province has regularly posted budget deficits since 2014/15.
The province eliminated its rainy-day account in 2007/08.
The province's massive budget deficit continues a trend that started well before the pandemic.
When Ontario Finance Minister Charles Sousa announced a budget update and a revised, lower forecast for provincial economic growth, it was yet another piece of evidence that Ontario’s economy is sluggish. But Ontario’s problems run deeper than just one fiscal update from one finance minister.
Question: If you’re young, or have very little education, where’s the best place in the country to find a job, make a decent income and prosper? Answer: Alberta, followed by Saskatchewan and British Columbia.