Tax and royalty windfalls are dwindling. The costs of wildfires and higher public service wages are piling up. The Canadian economy is slowing. In parts of the country, that means optimistic spring budgets are being left by the wayside, replaced by narrower surpluses or ballooning deficits. Other provinces are sticking by their projections, if barely. With the federal government poised to deliver a fall update of its own on Nov.
21, the Financial Post’s Gigi Suhanic rounds up the changing fiscal picture from coast to coast.Ontario’s spring deficit numbers were revised higher in a fall economic statement released Nov. 2, with Finance Minister Peter Bethlenfalvy now projecting the province is on track for a deficit of $5.6 billion for 2023-2024, followed by $5.3 billion next year and a surplus of $500 million in 2025-2026.growth and lower revenues led to the revision, but noted that the province has also budgeted $2.5 billion to its contingency fund to help manage economic risk.RBC Economics said the deficit in public accounts, at $
Source: Financial Digest (financialdigest.net)
Canada Tax Windfalls Deficits Fiscal Picture Economy
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