Government of Ontario, Canada (2024)

FAQs

Is the Ontario budget balanced? ›

Province pushes back balanced budget date to 2026

Finance Minister Peter Bethlenfalvy tabled Ontario's $214-billion budget on Tuesday, which includes a projected deficit of nearly $10 billion.

Spending on health care, the single largest category of Ontario's spending, is set to increase only marginally in the next year, according to the budget. The document shows it will go from $84.5 billion in 2023-24 to $85 billion in the 2024-2025 year.

Ontario's economy performed stronger than expected in 2023, despite continued economic headwinds prompted by elevated consumer price inflation and high interest rates. Nearly all private-sector forecasters expect continued but slower growth in 2024, compared to the projection in the 2023 Budget.

Province anticipates $9.8 billion deficit, scrapping last year's plan for a surplus ($200 million) in 2024-25.

Unsurprisingly, Ontario's significant debt burden has produced significant interest costs. In 2023/24, the Ford government will pay $13.4 billion in debt interest, making it one of the largest single items in its budget. This is money unavailable for services or tax relief for Ontarians.

Successive Ontario governments have increased spending for many years, resulting in persistent budget deficits and ever-growing debt. Over the last 15 years, Ontario has run 14 budget deficits.

If you make $100,000 a year living in the region of Ontario, Canada, you will be taxed $29,986. That means that your net pay will be $70,014 per year, or $5,835 per month.

The final fiscal reports for 2021/22 show Ontario's net debt (a measure that adjusts for financial assets) rising from $373.6 billion in 2020/21 to $380.4 billion in 2021/22.

The economist Trevor Tombe has shown that Canada's richest province, Alberta, would rank 14th among U.S. states. The poorest five provinces now rank among the six poorest jurisdictions in North America. Ontario ranks just ahead of Alabama.

The largest industries by revenue in Ontario are Gasoline & Petroleum Wholesaling, Gasoline & Petroleum Bulk Stations and Commercial Banking, which generated $95.6b, $82.6b and $70.4b in 2023.

What is the government like in Ontario? ›

Ontario's Parliament is unicameral, similar to other Canadian provinces, having one Legislative Chamber. It is comprised of the 124 elected Members of Provincial Parliament (MPPs), and the Monarch represented by the Lieutenant Governor of Ontario.

Year-to-date revenues grew by 2.6%, largely reflecting higher personal income tax revenue and revenue from other taxes and duties. On a monthly basis, Canada posted a deficit of C$4.47 billion in December, compared to a C$1.98 billion deficit in December 2022.

The budget announced $120 million for the autism program, but the government later clarified that includes a $60-million "one-time" addition to the program's funding last year.

Economy. The City of Toronto's economy comprises 11% of Canada's GDP, with Toronto's GDP topping $151 billion in 2012. Toronto-based businesses export over $70 billion in goods and services to every corner of the globe with retail sales of $62 billion annually.

Last year the government projected a $200-million surplus for the 2024/25. This has been replaced by a new projection of a $9.8 billion deficit.

The Ontario Financing Authority, which manages the provinces' debt, says that as of March 31, 2020 (for the 2019-20 fiscal year), the Ontario government's net debt is CDN $353.3 billion. Net debt is projected to rise to $398 billion in 2020-21.

In the 2024/25 fiscal year, Ontario will post a projected $9.8 billion deficit. The plan forecasts an additional deficit of $4.6 billion in 2025/26 before returning to budget balance in 2026/27.

Ontario's financial accountability watchdog released a report Wednesday stating the provincial government's total revenue per capita and spending are the lowest in Canada, around 25 per cent lower than the national average, while also recording the highest debt and third-highest deficit.