Ontario to table ‘ambitious’ economic update, Doug Ford says
Posted October 30, 2024 4:00 am.
Last Updated October 30, 2024 5:24 am.
TORONTO — Ontario’s finance minister is set to table his fall economic statement today, which the premier says is an ambitious plan to build highways, hospitals and homes.
Premier Doug Ford also says the economic update maintains his government’s path to balance, which in the spring budget had Ontario running deficits until 2026-27.
Ford and Finance Minister Peter Bethlenfalvy have already announced two main affordability items from the fiscal update that serves as a mini budget – a continuation of a cut to the gas tax, and a $3-billion plan to send $200 cheques to every Ontario taxpayer.
Opposition critics have suggested the cheques that are set to be mailed early next year are timed to arrive ahead of a possible spring election.
The government’s spring budget projected a $9.8-billion deficit for the current 2024-25 year and $4.6 billion for next year.
Ford and Bethlenfalvy say the province can afford to mail out $3 billion in cheques because of higher-than-expected revenues due to the impact of inflation on provincial sales tax money coming into government coffers.
This report by The Canadian Press was first published Oct. 30, 2024.
Allison Jones, The Canadian Press
