Ontario releases 2021 budget with focus on the Pandemic

The Provincial Government is continuing with increasing spending on healthcare and support to businesses and parents as it charts out the path of making our way through the pandemic.

There is $100 billion of new debt and deficits planned that won’t likely end until at least 2029.

The deficit for 2021-22 is projected at $33.1 billion, down from $38.5 billion last year.  The two years after are projected at $27.7 and 20.2 billion.

The Province spent $186.1 billion this year, which was a reduction of nearly 4 billion from last year with the net debt expected to hit $440 billion dollars this year.

The debt to GDP ration will exceed 50 percent by 2023-24.

The estimates for a return to a balanced budget are conservative and don’t have it occurring until 2029.