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1. Ontario’s ‘mini-budget’ makes little progress on deficit

   Today, Finance Minister Vic Fedeli tabled Ontario’s Fall Economic Statement. Given Ontario’s difficult fiscal situation (a large budget deficit and mountain of public debt), and signals that the update would be a “mini-budget’ with ...

2. Successive Ontario governments increased net debt from $139 billion to $338 billion

   The Ford government today released its fall economic and fiscal update, which includes taxation and spending changes, with Finance Minister Vic Fedeli noting that the "fiscal hole is deep.” However, perhaps the most telling ...

3. Government debt—a snapshot of each province

   The 2018 edition of the Federal Fiscal Tables is out, so it’s a good time to review the state of provincial government debt in Canada, especially given that we are about 10 years out from the financial crisis and Great Recession. Even ...

4. Ontario has a $15 billion deficit—not the $6.7 billion claimed by the previous government

   The Ontario government’s review of provincial finances is finally out, and the picture is even grimmer than what the auditor general and the Financial Accountability Office have presented. The key findings confirm that Ontario since 1990 ...

5. Ontario’s net debt may hit $500 billion by 2026-27

   The size of Ontario’s provincial deficit has become a matter of some debate. The Wynne government’s 2018 budget projected a deficit of $6.7 billion. But according to a recent report from the auditor general, Ontario’s deficit may be even ...

6. Quebec expects operating surplus of $904 million compared to Alberta’s $8.8 billion deficit

   In spring, the thoughts of provincial governments turn to budgets, and all the provinces have now unveiled their 2018 budgets starting with New Brunswick in January and most recently Saskatchewan last week. TD Economics maintains a very ...

7. Wishful Thinking: An Analysis of Ontario’s Timeline for Shrinking Its Debt Burden

   Since 2007/08, Ontario’s level of public debt has approximately doubled. As a result, the provincial debt-to-GDP ratio has climbed to historically high levels in recent years. In its 2017 budget, Premier Wynne’s government presented a timeline for ...

8. Alberta’s run of deficits tower over Ontario’s worst

   Appeared in the Financial Post, May 30, 2017 Over the past decade, Ontario emerged as the poster child for poor fiscal management in Canada, due largely to the province’s deep run of deficits. However, thanks to a decade of rapid spending growth and ...

9. Race to the Bottom: Comparing the Recent Deficits of Alberta and Ontario

   Alberta’s public finances are deteriorating rapidly, with the provincial government set to run a cumulative budget deficit of $27.6 billion over the three-year period from 2015/16 to 2017/18. Until recently, by far the largest deficits of any ...

10. Ontario budget—more spending, more debt

    This afternoon, Ontario’s Finance Minister Charles Sousa delivered the provincial government budget for fiscal year 2017/18. Headlines will likely focus on the government’s first balanced operating budget in a decade. A deeper look at ...