Budget balanced with help from $10 billion in equalization payments.
Bank projects Canada’s debt-to-GDP ratio will grow to 36.1% by 2020-21.
Wynne insists the $7.5-billion deficit will be eliminated by 2017-18.
Ottawa is predicting a shortfall of at least $18.4 billion next year.
Critics expect the deficit to grow even larger before the budget is tabled March 22.
Costs will boost fiscal pressure on a government poised to break its pledge to cap annual deficits at $10 billion over the next two years.
Province also downgrades 2015 growth expectations, dropping projected real GDP growth to 1.9% from 2.7%.
The $2.4-billion surplus for 2015-16 projected in April by the Tories is now expected to be a $3-billion deficit.
Notley government says red ink won’t be gone until 2020.
Number ends a streak of six deficits under the Conservatives.
Federal leaders agree a deficit to stimulate the economy from the fallout from the 2008-09 global economic crisis was necessary.
Oil and gas investment is expected to fall more than 30%
Had spending increases been held to the rate of economic growth, Ontario would have a $4 billion surplus today.
Bank of Canada’s latest economic forecast also trims the Harper government’s expected surpluses over the next two years.
One billion dollar deficit thanks to plunging value of the loonie.