Ontario's budget watchdog says province's deficit will quadruple to a record high of $41B

Doug-Ford

Premier Doug Ford says he can't rule out tax increases for the rest of his government's current term as the provincial deficit skyrockets due to the COVID-19 crisis.

But he says no one watches taxes more than he does and he's confident the provincial economy will recover from the impact of restrictions imposed to contain the virus.

Ford made the comments after Ontario's budget watchdog projected the province's deficit will quadruple to a record high of 41-billion dollars this year.

But the Financial Accountability Office says that can be reduced to 25.3 billion in 2021-22 due to a strengthening economy -- assuming Ontario eases restrictions gradually through the summer.