Net debt will balloon from $9.5 billion to $44 billion by 2020.
The gap is narrowing as net per-person debt converges with Ontario’s.
Report says staying in balance will likely require additional fiscal measures.
Tax hikes to carbon, corporations and high-income earners are part of the plan.
There are 13 to choose from; up to eight will be in the upcoming 2017-18 budget.
But the province adds 25,000 jobs in the last three months, manufacturing shipments increase.
Budget watchdog projects that Ontario will have a deficit of $2.6 billion in 2017-18.
Province revises projected deficit to $11 billion.
Delays plans to balance provincial budget for a year.
Budget’s gouging of at least $3K per family is a lightning rod for fury and existential angst over the province’s future.
Measures to cut government spending and raise cash are expected to cost average families $3,000 in new taxes.
Provincial NDP leader did, however, hit at some cuts as the province works to balance its books.
New provincial government expected to table first budget in the fall.
Province expects overall revenue of $100.2 billion in 2015-16.
Corporate income taxes will remain at 10%, but there’s a new income tax bracket on those who earn more than $100,000.