Tabling the Ontario government’s $204.7-billion budget Thursday, Ontario’s Finance Minister Peter Bethlenfalvy said its 2023 budget includes historically high spending and tax relief for businesses, but little in the way of new affordability measures for individuals.
The unveiling of $204B budget amid nearly unprecedented economic circumstances for Ontario: above-target inflation, high interest rates, and a possible recession while the province is seeing record-high revenues and a historically low unemployment rate.
Roughly $200 billion in revenue was forecast by the ministry this year, an increase in $20.6 billion more than last year’s budget forecast and some $4.4 billion higher than was estimated in third-quarter finances released just last month.
By 2025-2026 total revenue is expected to reach $226 billion.
The inflation; higher taxation revenues, mostly via personal and corporate income tax; larger federal transfers; and jumps in other non-tax revenues, especially from colleges as more international students return to Canada were mainly responsible for the.drastic increases over previous outlooks, the official said.
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