Oct 15, 2020
By Christine Ross
The province’s fiscal watchdog is warning the Ford government may have no choice but to raise taxes next year to tackle Ontario’s record budget deficit.The Financial Accountability Office is projecting a deficit of $37.2B this year due to a sharp drop in revenue coupled with increases in spending.
“I’ve seen the report and we’re going to do it over a number of years and be thoughtful about it and responsible,” said Premier Doug Ford.
The FAO points out there is just over $9B in unused contingency funds that could be used to reduce the deficit.
Treasury Board President Peter Bethlenfalvy says now is not the time to balance the books.
“We have to file a budget by November 15 so we’re hard at work at that,” said Bethlenfalvy.