The province is projecting a deficit of $6.5 billion in the third quarter of this fiscal year — down from the $12.9-billion it estimated last fall.

Finance Minister Peter Bethlenfalvy says the fiscal situation has improved by billions of dollars due to higher revenue from corporate and sales taxes.

“I think it’s important to continue to tell Ontarians how we’re spending their money and how we’re making progress on our plan to build and that only includes attracting capital that we’re seeing investments into the economy like we haven’t seen for some time, but also includes building the infrastructure because we’re expecting to continue having a lot of great people coming to this province.”

He says the province’s economy is resilient enough to withstand a possible recession.

But Bethlenfalvy says it’s time for restraint after unprecedented investments during the pandemic, as the province continues to face pressures from high inflation, increased interest rates and supply chain disruptions.

Revenues are expected to be $9.6 billion higher than forecast