Ontario set to unveil fall economic outlook
TORONTO - Ontario is set to unveil its fall economic outlook today as many in the province struggle to pay bills.
Finance Minister Peter Bethlenfalvy says while there is plenty of uncertainty around the world, he is confident in Ontario's economy.
He says the province will continue with its targeted approach to spending that gives Ontario some flexibility in uncertain times.
In the days leading up to the fall economic statement, the province announced it has scrapped the provincial portion of the harmonized sales tax on new purpose-built rental housing construction, will lower the age for regular breast cancer screenings and has extended the gas tax cut for another six months.
In August, Bethlenfalvy said the province expected to run a $1.3 billion deficit in the current fiscal year, followed by subsequent years of surplus budgets.
In September, the province announced it ended the 2022-23 fiscal year with a $5.9 billion deficit, down from the $19.9 billion deficit the government's 2022 budget projected.