This briefing looks at Ontario’s Budget 2015 and the sizable challenge the government faces if it is to balance its books on schedule in 2017–18.
Ontario Budget 2015
Ontario Budget 2015
Provincial Economic Analysis
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- In spite of a heavy dose of spending restraint last year, weak revenue growth has resulted in the provincial deficit rising to $10.8 billion in 2014–15. Stronger revenue growth, combined with increased fiscal austerity, should allow the province to reduce its deficit to $8.5 billion this year.
- The government remains committed to balancing its books by 2017–18. However, reaching this goal will require an increasingly difficult level of restraint in the face of mounting demand for health care.
- The budget includes few new spending measures, as the government’s hands are tied by the tight spending plan. Some minor tax changes were announced, including a new tax on beer.
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