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Ontario forecasts nearly $10 billion deficit in 2024 budget

"We are going to follow through on a plan that is working — knowing that the higher deficits, compared to what we projected last year, will be time limited while the return on investment will be felt for decades."

Published Mar 26, 2024 at 8:06pm

Marco Vigliotti
Marco Vigliotti
Ontario forecasts nearly $10 billion deficit in 2024 budget

Ontario is projecting a nearly $10 billion deficit next year, blaming sluggish growth and declining tax revenues for pushing the province further into the red.

But the province's 2024 budget, tabled on Tuesday, also outlines plans for billions in new spending on infrastructure and targeted investments to spur development of the lucrative Ring of Fire mineral deposit and support training initiatives for skilled tradespeople.

One of the most high-profile spending items in Peter Bethlenfalvy's budget was the already announced $1 billion new municipal infrastructure fund aimed at supporting home construction, as well as over $600 million to help build and upgrade water and wastewater infrastructure.

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