TORONTO — It's budget day in Ontario, and the finance minister is set to present his plan to bolster the economy ahead of an expected slowdown, while also trying to ease the rising cost of living.
Last year's budget had the province eyeing a surplus for this upcoming fiscal year, but Bethlenfalvy's fall economic update pegged the 2024-25 deficit at $5.3 billion and projected a balanced budget the following year. He has not indicated if his path to balance will remain the same. "We don't think that a record deficit is likely," he said. "We don't think that a record debt-to-GDP ratio is likely. That reflects both the prudence that's built into these plans and some of the efforts to consolidate public finances that occurred before the pandemic."
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