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Ontario projects $6.6-billion deficit, offers $200 rebate cheques

The Ontario government’s latest financial update unveils a projected $6.6-billion deficit for 2024, a figure softened by unexpected tax revenues, mostly provided by international students, but complicated by a new expenditure: the $200 rebate cheques the government recently unveiled to support residents with rising living costs.

Published Oct 30, 2024 at 5:37pm

Barbara Patrocinio
By
Barbara Patrocinio
Ontario projects $6.6-billion deficit, offers $200 rebate cheques
Ontario Finance Minister Peter Bethlenfalvy watches as Ontario Premier Doug Ford speaks to media at a press conference at the Cool Beer Brewing Company in Toronto, on Wednesday, July 10, 2024. THE CANADIAN PRESS/Cole Burston

Ontario is forecasting a smaller than anticipated deficit for the 2024-25, partly thanks to an unexpected uptick in revenue from tuition paid by international students, according to the province's fall economic statement released on Wednesday.

But it still remains unclear how the federal government's new international student cap will impact provincial finances in the years ahead.

According to the updated financial figures, the province is now projecting a $6.6 billion deficit this fiscal year, down from the nearly $10 billion total envisioned in the spring budget.

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