Ontario lowers its deficit from $11.7B to $7.4B, partly due to more tax revenue

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TORONTO — Ontario’s deficit now stands at $7.4 billion, down from the $11.7 billion stated in the spring budget.

The government says the 2018-19 deficit improved due to higher-than-expected tax revenues and lower spending.

The deficit is still projected to be $10.3 billion in 2019-20.

Expenses last year were lower than anticipated in education, children’s and social services and justice.

Today’s public accounts financial update also says household disposable income increased by 5.4 per cent.

The government says that’s due to a number of factors, including the previous Liberal government’s minimum wage increase.

The Canadian Press

6 COMMENTS

  1. OMG !!! This current PC gov’t is having some success in cleaning up the totoal financial disaster left behind by the, now almost dismantled, wynne liberal gov’t. Those of us who believe in responsible budgeting, you know, like in how you run your own household to stay afloat. But now, who is going to clean up the absolute financial disaster being created by this Justin-led liberal government ???????????? This will be a monumental task that will reach the heights of Mt Everett, especially if the wonder boy,prince justin, is, omg, this just kills hurt me to say,……….., if he’s re-elected $$&@$$. God forbid !!!!!!!!!!!! Let’s wake up……… please !!! Oct. 21.

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