Province will run a deficit of less than 1% of GDP starting next year, no dollar amount provided.
Corporate tax rate for small businesses will fall fa percentage point to 3.5%, plus other inducements.
Finance Minister Charles Sousa would not rule out a tax hike to achieve balance.
But Quebec says a final deal is unlikely, proposals to be studied until December.
Budget depends on targeted savings and a dependence on a steady economic growth.
Spending cuts, investing in infrastructure, return to balance by 2017-18.
But critics skeptical Wynne government can eliminate it in two years.
Ontario government agrees not to oppose amended plan.
Shrinking working-age population cited for slowing economic growth.
Finance minister says the Conservatives are trying to balance its books at the expense of the provinces.