Ontario won’t hike taxes on middle class to balance the books, Wynne says
Budget watchdog projects that Ontario will have a deficit of $2.6 billion in 2017-18.
Speaking Nov. 4 in Niagara-on-the-Lake, the premier was reacting to a report this week by the Financial Accountability Office that says Ontario is not on track to balance by next year and would have to raise taxes or make cuts to get there.
The budget watchdog projects that Ontario will have a deficit of $2.6 billion in 2017-18.
But Wynne says the deficit will be eliminated by then, and that the path will be laid out in Ontario’s fall economic statement, which is expected to be released soon.
She says the government won’t do anything to harm middle-class families in order to balance the books.
The premier says it hasn’t been easy working toward balance, but it is important so that Ontario can reduce its net debt – which the FAO says will be $370 billion in 2020-21 – and its net-debt-to-GDP ratio, which is hovering around 40%.News from © Canadian Press Enterprises Inc. 2016