Ontario’s projected deficit now stands at $6.5 billion — about half of what the government predicted just months ago in its fall economic statement.
Finance Minister Peter Bethlenfalvy said a $9.6-billion jump in revenue, mainly from corporate and sales taxes, is the reason for the improvement in the third quarter, and comes despite a jump in spending of $3.4 billion more than forecast.
Despite the positive news, Bethlenfalvy said inflation, a possible recession as well as global political uncertainty are ongoing concerns.