Despite likely balanced budget, Ontario’s deficit dragon not dead yet

Finance Minister Charles Sousa will deliver Ontario’s spring budget on April 27 and the expectation is that Ontario will deliver a balanced budget for the first time since the onset of the Great Recession. Ontario has now run nine consecutive deficits accumulating $91.6 billion in deficits and increasing the province’s net debt from $156.6 billion in 2007-08 to an expected $317.9 billion in 2016-17. While the prospect of a balanced budget is welcome news for Ontario, there are reasons to treat this development with some caution.To begin, since 2009 Ontario has actually seen its revenues grow faster than expenditures and

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