Ford government pledges no tax increases when Ontario budget delivered on March 26
Posted March 7, 2024 9:55 am.
Last Updated March 7, 2024 6:49 pm.
Finance Minister Peter Bethlenfalvy is promising to rebuild Ontario’s economy “without raising taxes and fees” when he delivers the next Ontario budget.
Bethlenfalvy made that pledge in a post on X Thursday morning as he confirmed the date for the budget will be March 26.
“Join me as I outline how we’re rebuilding Ontario’s economy without raising taxes and fees or putting more burden on businesses and municipalities,” he said.
When Bethlenfalvy presented an update last month on the province’s finances he projected Ontario would end the year with a $4.5-billion deficit.
That’s significantly higher than the $1.3-billion deficit for 2023-24 that he was eyeing at the time of last year’s budget.
The Ford government expected budget surpluses starting in this upcoming year, but recent higher deficit projections appear to be pushing the path to balance further down the road. The government is now targeting 2025-2026 as the year to achieve a balanced budget with a projected $500 million surplus.
On Wednesday, the Financial Accountability Office of Ontario (FAO) reported that the Ford government had spent an additional $2.3 billion through the first three quarters of the year with higher-than-planned spending in education and health largely due to compensating workers for the impact of Bill 124, the wage restraint law that was declared unconstitutional by the province’s top court.
As noted by the FAO the province’s contingency fund has also grown to $5.1 billion after starting the fiscal year at $4 billion with the suggestion being that some of the money is being allocated for Bill 124 backpayments.
