In 2017/18, Ontario’s net debt reached $308 billion.
The Wynne government’s budget raises most middle tax rates and adjusts income thresholds.
Ontario will run budget deficits of nearly $7 billion in each of the next three fiscal years.
Ontario’s upcoming provincial budget will likely include a significant increase in government spending with an eye on the spring election.
In 2016-17, the deficit was $0.991 billion but $6.276 billion was added to the net debt.
An economic slowdown or recession would make the Wynne government’s debt reduction plan much less likely.