Ontario set to release third-quarter financial update

TORONTO — Ontario’s finance minister is set to release an update today on the province’s finances.

Peter Bethlenfalvy will release Ontario’s third-quarter finances and discuss the province’s economic and fiscal outlook.

The financial update comes not long before the province’s anticipated budget, which has to be tabled by March 31.

Ontario’s Financial Accountability Office released a report last week that predicted smaller deficits than the government’s previous projections, largely due to increases in revenue.

The FAO expects a budget deficit of $2.8 billion by 2023-24, compared to a government outlook last fall of $11.4 billion.

The government’s fall economic statement projects far less revenue compared to the FAO’s assessment, and the fiscal watchdog says some of that gap – $1.7 billion in 2023-24 – could be potential unannounced tax cuts.

This report by The Canadian Press was first published Feb. 14, 2022.

The Canadian Press