HISTORIC PROVINCIAL DEFICIT

May 11, 2020

By Christine Ross

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Premier Doug Ford says his government will be ‘prudent fiscal managers’ when responding to the provincial financial watchdog’s report that says Ontario faces a historic $41 billion dollar deficit which is double the mini budget forecast and the largest in provincial history. Finance Minister Rod Phillips says we’ll know the financial impact of COVID-19 when budget is delivered in the fall. “We will by November 15th have a full budget which was part of our commitment and that will involve a multi-year plan,” said Phillips. “There’s many scenarios and we will look at all of them and as I’ve said, I appreciate the FAO’s work but we’ll have to wait until sometime before November 15th when we’ll have a multi year budget and talk about a path back to balance.”

The Premier didn’t rule out tax increases saying there’s no such thing as absolute. It’s expected when the legislature resumes Tuesday, May 12, the provinces emergency order will be extended to June 2nd.

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