April 16, 2024

La Ronge Northerner

Complete Canadian News World

Budget: Ontario's deficit triples to $9.8 billion for 2024-2025

Budget: Ontario's deficit triples to $9.8 billion for 2024-2025

Ontario was expected to exit the red next year. In its annual budget tabled on Tuesday, Doug Ford's government estimates the deficit for the fiscal year at $3 billion and projects a deficit of $9.8 billion for 2024-2025.

Barring the pandemic, this is the largest deficit in ten years. At the time, liberals were in power and conservatives accused them of lavish spending.

Highlights of Budget 2024

  • Gas tax reduced by 5.7 cents per liter till December 31, 2024
  • $1 billion in funding for municipal infrastructure and housing
  • $3.3 billion over 3 years to provide high-speed Internet across the province
  • $120 million more for services for autistic children
  • $200 million over 3 years for community sports and leisure infrastructure
  • A new medical school opens in association with York University
  • $49 million to fight car theft
  • An additional $46 million for police patrols, including the purchase of 4 helicopters for the Ontario Provincial Police

Despite an economic slowdown on the horizon, the Ford government is on course to invest tens of billions in infrastructure and public transport in its 10-year plan.

In addition to cutting the gas tax at an annual cost of $1.2 billion, the government is creating a new $1 billion program for cities and housing.