This is going to hurt
The Financial Accountability Office of Ontario expects the provincial deficit to balloon to a record $41 billion in 2020-21.
It says the COVID-19 pandemic, "will deliver a severe blow to the province's revenues, increase spending, and result in substantially higher deficits and debt.
In its projection, the FAO assumes the shutdown will ease gradually through the summer, but warns if the economic recovery is delayed, deficits and debt could be much higher.
Ontario's previous record deficit was $19.3 billion in 2009-10, during the global financial crisis.