Ontario government to table budget March 23

Ontario is set to introduce its budget on March 23.

Finance Minister Peter Bethlenfalvy announced the date Thursday, saying the budget will outline a “strong future” for Ontario during uncertain economic times.

He said last week that the high-spending, large-deficit budgets that Ontario has tabled during the pandemic have served their purpose, but it is now time for “restraint.”

In the recently released third-quarter fiscal update, Ontario reported a $6.5-billion deficit for the 2022-23 fiscal year, an improvement of $6.4 billion from its fall economic statement.

Related: Ontario ‘mini budget’ contains little to help with affordability, nothing new for health care

Meanwhile, the Financial Accountability Office is projecting a deficit of $2.5 billion in this fiscal year, but says that will improve to billion-dollar surpluses through the remaining years of its projection to 2026-27.

The FAO has also highlighted large contingency funds the province has included in its finances, which opposition critics say allow the government to hide its true spending plans.