Province pushes back balanced budget date to 2026

High interest rates are expected to take a toll on Ontario’s economy this year, the province said in its 2024 budget, which includes projections of weak economic growth and a ballooning deficit.

Finance Minister Peter Bethlenfalvy tabled the government’s $214-billion budget at Queen’s Park Tuesday, saying it is investing in housing, roads and public services during a time of uncertainty without raising taxes.

“These investments and more are a signal to Ontarians of our commitment to keep building Ontario while retaining a prudent, targeted and a responsible approach to public finances,” Bethlenfalvy said at a news conference.

“We’re not backing down from investing in what matters most and we are not going to increase costs on our people.”