Ontario is increasing health care spending by $1.9 billion in 2019–20. Government House Leader Paul Calandra said the key fiscal document, which will be released on Wednesday, will highlight ongoing work to eliminate a projected $10.3-billion deficit for … Government House Leader Paul Calandra said the key fiscal document, which will be released on Wednesday, will highlight ongoing work to eliminate a projected $10.3-billion deficit for 2019-2020.

“I think he’ll have a very positive message to communicate tomorrow.”.

That document sparked outrage when the government announced the elimination of three independent watchdogs — the environmental commissioner, the child and youth advocate and the French-languages services commissioner. Put another way, nearly 90 per cent of Ontario’s net public debt has been accumulated over the last 25 years.

Please try again. Green party Leader Mike Schreiner said the Tories should use this fiscal update to reverse course on cuts they’ve made over the past year. Ontario’s Finance Minister Rod Phillips delivered the province’s 2020 economic and fiscal update on March 25, 2020. Opposition critics have said that figure was vastly inflated, and interim Liberal Leader John Fraser said Tuesday the government’s current, $10.3-billion target is also inflated to create a context for cuts. “I think the minister of finance will lay out the continuation of the path to sustainable finances in this province,” he said. To obtain the most current version of this document, visit ontario.ca/finance and enter 284 in the find page field at the bottom of the webpage or contact the ministry at 1 866 668-8297 (1 800 263-7776 for teletypewriter). “We have seen this government devastate families … It’s an opportunity for them to change direction and actually start funding the programs that Ontarians should be able to rely on.”. 2019–20 Revenue Performance 3.2. The First Quarter Ontario Finances is released on or before August 15 and the Third Quarter Ontario Finances is released on or before February 15. He said the annual update will not signal a dramatic change of direction for the Progressive Conservative government but will include measures to bolster job growth and strengthen the economy. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. This is a risky strategy. Ontario fiscal update to focus on return to budget balance. Sign up to receive daily headline news from the Toronto SUN, a division of Postmedia Network Inc. Ensuring Fiscal Prudence 5. The Fraser Institute is an independent, non-partisan research and educational organization based in Canada.

Visit our Community Guidelines for more information and details on how to adjust your email settings. We ask you to keep your comments relevant and respectful. We encountered an issue signing you up. Details of Revenue 3.1.

© 2020 Toronto Sun, a division of Postmedia Network Inc. All rights reserved. NDP Leader Andrea Horwath said she’s not convinced the government will change its approach even after the controversy generated by cuts in its last fall economic statement.

Ontario's debt will hit a projected $391.6 billion by 2023/24. “If there was only one thing you needed to know about last year’s fall economic statement, it’s that Doug Ford axed the independent child advocate and was somehow able to hire a thousand-dollar-a-day special adviser for alcohol,” Fraser said. 2020–21 Revenue Outlook 3.3. This update comes in the wake of Ontario's decision to postpone the release of its full 2020 provincial budget due to the COVID-19 outbreak and its related economic consequences. Ontario’s provincial debt nearly doubled from $157 billion in 2007/08 to $301 billion in 2016/17. Comments may take up to an hour for moderation before appearing on the site. We apologize, but this video has failed to load. Provincial government debt-service costs are set to reach $13.2 billion this year. Risks to the Revenue Outlook 4. 365 Bloor Street East, Toronto, Ontario, M4W 3L4. Ontario Government House Leader Paul Calandra speaks to the media at Queen's Park Oct. 28, 2019. tap here to see other videos from our team. The Ontario government's strategy to eliminate the projected $8.5 billion deficit has largely hinged on hoping revenues will grow robustly and eventually catch up to spending increases. The next issue of The Toronto Sun Headline News will soon be in your inbox. This advertisement has not loaded yet, but your article continues below. “Tomorrow will be the big reveal in that regard,” she said. Ontario’s Fiscal Plan 3. The Tories said last month that the province’s deficit in 2018-2019 came in at $7.4 billion — roughly half of the $15-billion shortfall they said they inherited from the previous Liberal government. The duties of all three watchdogs were rolled into the offices of the auditor general and provincial ombudsman. On Thursday, Finance Minister Charles Sousa will provide an update for Ontarians on the state of provincial government finances. By continuing to use our site, you agree to our Terms of Service and Privacy Policy.

© 2020 Fraser Institute. Ben Eisen , Charles Lammam The Ontario government's strategy to eliminate the projected $8.5 billion deficit has largely hinged on hoping revenues will grow robustly and eventually catch up to spending increases. Read more about cookies here. Changes since the 2019 Budget 3.4. An update of the Province's fiscal outlook as of the second quarter of the fiscal year is included in the Fall Economic Outlook and Fiscal Review , which is released on or before November 15. Contingent Liabilities 4.3. There was an error, please provide a valid email address. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. “Last year was a year of dismantling and disruption and misplaced priorities.”. Introduction 2. Donors who give $100 or more per year receive copies of The Quarterly digest (released four times per annum).

Contact us  About us  Our experts  Careers. The federal deficit is now about $19 billion. There was an aura of complacency in Queen’s Park as the Ontario government released its update on the state of provincial finances. The government also announced that it would pull its financial support for a French-language university but has since reached an agreement with Ottawa to fund the post-secondary school. Ontario’s deficit is now expected to be $9 billion for this fiscal year, down from the $10.3-billion projection in the budget. If you don't see it please check your junk folder. We have offices in Calgary, Montreal, Toronto, and Vancouver. Get the latest news from the Fraser Institute on the latest research studies, news and events. Since 1990, Ontario has accumulated nearly $265 billion in net public debt. Unauthorized distribution, transmission or republication strictly prohibited. Last month, Finance Minister Rod Phillips said the government would reveal in the statement that it is on track to beat the projected deficit figure and tried to ease concerns the statement would include cuts similar to those in the 2018 fall update. “They’ve clearly inflated the deficit to justify their cuts, which to me is politically motivated.”. Ensuring every family is safe and supported “The overall approach is going to be the same,” Calandra said of the update. All rights reserved. “I’m hoping they’re going to be honest with us about where the deficit is,” he said. A welcome email is on its way. 1. This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. If Queen’s Park reduces spending by $5 billion, it could eliminate two-thirds of the provincial deficit. Ontario’s fiscal update: will the government present a more realistic plan? Expense Outlook 4.2. The fall economic statement will showcase the Ontario government’s efforts to balance the books, the Progressive Conservatives said Tuesday amid concerns about potential cuts to programs and services.