Yesterday, Ontario’s Minister of Finance, Peter Bethlenfalvy, tabled Ontario’s 2024 Budget titled Building a Better Ontario Act, 2024. Amidst rising costs of living, housing shortages and a global economic downturn, the Ford government is promoting this budget as their fiscal plan to maneuver through these uncertainties.
Budget 2024 projects a $9.8B deficit this fiscal year, which is a significant divergence from the $5.6B projection from the 2023 Fall Economic Statement. However, despite increased investments, the Ford government has reiterated its commitment to not raise taxes on Ontarians and is calling on the federal government to cancel or put a hold on the Carbon Tax ahead of its planned increase in April.
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