The Ontario government will unveil a new budget next week. The annual fiscal blueprint was expected to be tabled in March but the COVID-19 pandemic put it on hold.
Finance Minister Rod Phillips says the budget will be released on November 5th and will be a detailed three-year plan building on the government’s $30-billion response to COVID-19.
“We will get back on the traditional budget calendar with another multi-year update by the end of March 2021 that will outline a plan to return Ontario to a fiscally sustainable path,” Phillips said.
In August’s fiscal update Phillips predicted the provincial deficit has ballooned to $38.5 billion dollars, nearly double what was expected before the COVID-19 pandemic began in March.