Ontario deficit could reach $24.7B

Provincial Finance Minister Dwight Duncan announced on Thursday that Ontario’s deficit is expected to reach $24.7 billion in the current fiscal year. Duncan says that declining corporate tax revenues and increasing demand for public services have dragged down the government’s deficit. Despite the huge deficit, Duncan says that he has “every confidence Ontario will come through this recession.” He claims that investments in infrastructure, skills training, and reshaping the province’s tax system will ensure Ontario’s growth, as well as strong fundamentals already in place such as the strong education system and a passion for innovation. The report is the first step in developing next year’s Ontario’s budget. Duncan projects a deficit of $21.1 billion in 2010-11 and $19.4 billion in 2011-12.

Source: http://www.cbc.ca/money/story/2009/10/22/toronto-fiscal-report-091022.html