Ontario’s net debt will rise to a projected $336 billion.
Higher taxes, rapid debt accumulation and soaring electricity costs have made Ontario less attractive for investment.
The Wynne government’s fiscal plan calls for an average of $11.8 billion annually in new debt between now and 2019/20.
By restraining the growth in program spending, Quebec balanced it’s operating budget.
Provincial Finance Minister Charles Sousa tells an upbeat story about a booming Ontario, but reality is more complicated. The province’s finances remain a mess.
An economic slowdown or recession would make the Wynne government’s debt reduction plan much less likely.
Ontario’s government debt amounts to approximately $21,000 per person.
Ontario has seen its share of total provincial net debt rise to 51 per cent.