Ontario's Finance Minister has announced that the province's next budget, scheduled for March 26, will not include any tax increases. Peter Bethlenfalvy, in a social media post, emphasized that the fiscal plan will focus on rebuilding Ontario's economy without imposing additional taxes, fees, or burdens on businesses and municipalities.
During a post-question period discussion on Thursday, Bethlenfalvy remained tight-lipped about specific details regarding the upcoming budget. However, he reiterated the government's commitment to enhancing affordability for individuals and businesses alike.
In his previous update on the province's finances during the third quarter of this fiscal year, Bethlenfalvy projected a $4.5 billion deficit by the year's end. This figure marks a significant increase from the $1.3 billion deficit anticipated for the 2023-24 period at the time of last year's budget.
The initial budget had outlined expectations of budget surpluses starting in the upcoming year. However, with the recent higher deficit projection, the timeline for achieving a balanced budget remains uncertain.
Ontario's Financial Accountability Officer has attributed the higher-than-planned spending to a court ruling that found the public sector wage restraint law, Bill 124, unconstitutional. This ruling has led to billions of dollars in additional spending as the government funds retroactive payments for compensation.
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