TORONTO — Ontario’s fiscal watchdog says the province is on observe for years of post-pandemic deficits barring a change in authorities coverage.
The Monetary Accountability Officer says in a report at the moment collection of things together with the pandemic and growing older demographics will contribute to the deficits.
The FAO says Ontario could have a $35.5 billion deficit in 2020-2021 that’s projected to drop to $16 billion by 2024-2025.
However the FAO says barring any service cuts or tax will increase, the province will proceed to have annual deficits at that stage going ahead.
By regulation, when Ontario is in deficit, it should develop a restoration plan that charts a path to balanced budgets.
The province is predicted to ship its 2021-2022 funds by March 31.
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