Since 2007, Ontario has seen its net debt approximately double, from $157 billion to $308 billion.
budget deficit
Starting in 1995, Prime Minister Jean Chretien and Finance Minister Paul Martin reduced program spending, balanced the budget and cut taxes.
By the early 1990s, a third of all federal government revenue was being used simply to pay interest on the debt.
Once new major spending is factored in, the annual deficit is likely to be more than $25 billion.
In an attempt to increase transparency, Prime Minister Justin Trudeau has made “mandate letters” to his ministers publicly available. These letters are intended to clarify the focus of each minister’s portfolio.
The just-released Parliamentary Budget Officer report projects deficits in every year from 2016/17 to 2020/21.
Let’s look at the expected fiscal balances in Canada’s 10 provinces for 2015/16.
The economic news coming out of Ontario in recent days has been far from positive. The province's economic and fiscal position is weak and new analysis released by the Ministry of Finance suggests its economy will remain sluggish for the foreseeable future.
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