Ontario is forecasting a $13.8 billion deficit for the coming fiscal year and and has pushed back its timeline to balance the budget to 2028-2029.
This marks an increase from the projected deficit of $7.8 billion for the 2026-27 period that was outlined in last year’s budget.
Finance Minister Peter Bethlenfalvy attributed the heightened spending to “significant change in the world around us” as he presented the budget on March 26.
“Geopolitical forces that may have once felt distant have now reached our shores,” he told the legislature in Toronto. “Global economic and trade tensions, supply chain disruptions, shifting markets. Simply put—the world has changed, and we must change with it.”…