Ontario’s deficit has magically shrunk yet again, as higher tax revenue cut $1 billion off the Conservatives’ exaggerated estimates.

Finance Minister Vic Fedeli credited the Tories’ economic policies for the deficit reduction, according to an article in the Toronto Star. He now estimated the provincial deficit at $13.5 billion, down considerably from the $15 billion the Tories claimed during last year’s election campaign.

Toronto Star

This is the third deficit projection in the last three quarters. Former provincial controller Cindy Veinot quit in September after claiming the real deficit could be $5 billion lower than Fedeli’s estimate, in part because the Tories do not count assets of the Ontario Teachers’ Pension Plan or the plan for provincial government employees.

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