Ontario on track to balance budget by 2023-24, financial watchdog says
Queen's Park seen in August 2021. (Craig Wadman / CTV News)
Ontario's financial watchdog says the province is on track to balance the budget by 2023-24 and run a $7.1 billion surplus three years later.
The province posted a $16.4-billion deficit in 2020-21 due to COVID-19 spending, and the Financial Accountability Office says Ontario is now seeing strong revenue growth that will exceed program spending.
A report released today by the office says under current policies, the budget will be balanced a year from now.
However, current policies could well change given the provincial election that's set for June 2.
The FAO projects the 2021-22 deficit to be $8.7 billion, below the $13.1 billion that the government forecasted when Finance Minister Peter Bethlenfalvy released the third-quarter finances earlier this year.
The budget watchdog also projects that program spending will grow by an average of 3.6 per cent a year from 2020-21 to 2026-27, higher than in previous years, partly due to spending commitments for long-term care and child care.
This report by The Canadian Press was first published April 12, 2022.
CTVNews.ca Top Stories
Nearly 46,000 electric vehicles recalled in Canada over potential power loss
Nearly 46,000 electric vehicles from Kia, Hyundai and Genesis are being recalled in Canada over a potential power loss issue that can increase the risk of a crash.
Canada Post quarterly loss tops $300M as strike hits second week -- and rivals step in
Canada Post saw hundreds of millions of dollars drain out of its coffers last quarter, due largely to its dwindling share of the parcels market, while an ongoing strike continues to batter its bottom line.
'Immoral depravity': Two men convicted in case of frozen migrant family in Manitoba
A jury has found two men guilty on human smuggling charges in a case where a family from India froze to death in Manitoba while trying to walk across the Canada-U.S. border.
Canada's tax relief plan: Who gets a cheque?
The Canadian government has unveiled its plans for a sweeping GST/HST pause on select items during the holiday period. The day after the announcement, questions remain on how the whole thing will work.
Quebec man, 81, gets prison sentence after admitting to killing wife with Alzheimer's disease
An 81-year-old Quebec man has been sentenced to prison after admitting to killing his wife with Alzheimer's disease.
Pat King found guilty of mischief for role in 'Freedom Convoy'
Pat King, one of the most prominent figures of the 2022 'Freedom Convoy' in Ottawa, has been found guilty on five counts including mischief and disobeying a court order.
Canada issues travel warning after 6 people die from tainted alcohol in Laos
The Canadian government is warning travellers following the deaths of at least six people in the mass poisoning of foreign tourists in Laos after drinking tainted alcohol.
Ground beef tied to U.S. E. coli recall, illnesses wasn't sold in Canada: distributor
At least 19 people in Minnesota have been sickened by E. coli poisoning tied to a national recall of more than 167,000 pounds of potentially tainted ground beef, federal health officials said.
Canada's new income tax brackets in 2025: What you need to know
The Canada Revenue Agency has released updated federal income tax brackets for 2025, reflecting adjustments for inflation. Here’s the breakdown.
Shopping Trends
The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us.
Montreal
-
Quebec man, 81, gets prison sentence after admitting to killing wife with Alzheimer's disease
An 81-year-old Quebec man has been sentenced to prison after admitting to killing his wife with Alzheimer's disease.
-
Montreal family doctor admits to fathering child with 19-year-old patient
A Montreal family doctor has vowed to stop practicing medicine after he admitted to fathering a child with a 19-year-old woman who was his patient.
-
Third suspect sought in killing of Montreal cryptocurrency influencer
Quebec provincial police are searching for a third suspect in connection with Kevin Mirshahi, the cryptocurrency influencer who was kidnapped and killed last summer.
Ottawa
-
BREAKINGBREAKING Seniors facing 60% hike for OC Transpo monthly transit pass in 2025 under new proposal
Ottawa seniors will be facing a 60 per cent hike in transit fares in 2025, instead of a 120 per cent increase, under a new plan to halve a proposed hike in fares for riders over the age of 65.
-
Woman seriously injured in October house fire dies in hospital, Ottawa police say
A 51-year-old woman has died in hospital, more than a month after a fire damaged a home in Ottawa's west end. The Ottawa Police Service says it is now treating the death of Ottokie Kelly as a homicide.
-
Orleans man calls for changes after service guide dog attacked by another dog
An Orléans man who uses a service guide dog wants to see changes to rules surrounding dog attacks, after his guide dog was attacked by another dog last month.
Northern Ontario
-
Senior killed in dog attack in northern Ont.
An 81-year-old was killed in a dog attack this week in Bonfield, Ont. Police believe three dogs were involved.
-
Woman stabbed multiple times in Sudbury altercation
A 30-year-old woman is in hospital in Sudbury after she was stabbed multiple times early Friday morning in Chelmsford.
-
Police investigating death in Magnetawan, Ont.
The Almaguin Highlands detachment of the Ontario Provincial Police is investigating a sudden death in Magnetawan.
Kitchener
-
Man charged in Kitchener crash involving Grand River Transit LRT
Charges were laid after a crash between an LRT train and a Dodge vehicle shut down a busy Kitchener street for more than eight hours on Thursday.
-
FunGuyz says it's closing all 30 of its magic mushroom stores in Ontario
FunGuyz, which calls itself the biggest magic mushroom dispensary in Canada, says it's shutting down all 30 of its Ontario locations.
-
The Boathouse reopens in Kitchener's Victoria Park
A reopening ceremony was held in Kitchener’s Victoria Park Friday morning at 11 a.m. at The Boathouse, a restaurant and live music venue.
London
-
VIDEOVIDEO London house fire spreads to neighbouring property
London fire crews and police are on scene of a house fire in east London. Crews were called to the 1800 block of Culver Drive, east of Third Street and south of Oxford Street, around 11:30 a.m.
-
Charges laid after transport truck crash causes Highway 401 lane closure
Significant delays are being reported in the area and tow trucks are on scene to help. No injuries have been reported.
-
One person dead after two-vehicle crash involving delivery truck
Emergency crews were called to the scene on Highway 10 around 9 a.m. for reports of a crash between a van and a delivery truck.
Windsor
-
Car fire on the Ambassador Bridge
Windsor fire responded to a transport truck fire on Friday afternoon on the Ambassador Bridge.
-
Attempted bank robbery leads to arrest
Windsor police are crediting a quick response by their downtown patrol officers to help arrest a 39-year-old man after an attempted bank robbery.
-
Man arrested in connection to sexual assault on public bus: WPS
A man has been arrested by Windsor police following an incident on a public bus.
Barrie
-
Highway 400 closed in Muskoka Lakes after fatal propane truck rollover
Emergency crews were called to Highway 400 in Georgian Bay Township Friday morning after a fatal tanker truck rollover.
-
Drug trafficking investigation results in largest fentanyl seizure in Simcoe County: OPP
Two people are facing drug trafficking charges after what provincial police are calling the largest fentanyl seizure in Simcoe County.
-
Barrie magic mushroom dispensary closed after company announces its shuttering Ont. locations
The doors are locked and the OPEN sign is off on Friday at an illegal magic mushroom dispensary in downtown Barrie one day after FunGuyz announced it would shutter its 30 Ontario locations.
Winnipeg
-
'Immoral depravity': Two men convicted in case of frozen migrant family in Manitoba
A jury has found two men guilty on human smuggling charges in a case where a family from India froze to death in Manitoba while trying to walk across the Canada-U.S. border.
-
Manitoba RCMP officer fatally shoots armed teenager, IIU investigating
Manitoba’s police watchdog is investigating after a RCMP officer fatally shot a teenager armed with a weapon Friday morning in Norway House Cree Nation.
-
Towing company sues Winnipeg councillor, other towing company for defamation
A Winnipeg towing company is suing a Winnipeg city councillor and another local towing company, claiming comments they made about contracts in the city have defamed them.
Atlantic
-
What to know about the weekend rain, wind, and waves in the Maritimes
A fall storm moving from Cape Cod into the Maritimes will bring rainy and windy weather to the region this weekend.
-
P.E.I. teen sentenced to 2 years in custody in death of Tyson MacDonald
A teen who pleaded guilty in the death of 17-year-old Tyson MacDonald on Prince Edward Island last year has been sentenced to two years in custody.
-
Missing Nova Scotia senior found safe after emergency alert issued
A vulnerable man who was missing in Cape Breton has been found safe.
N.L.
-
As N.L. firm pivots, scientists say Canada's green hydrogen dreams are far-fetched
A Newfoundland energy company's embrace of data centres is raising doubts about eastern Canadian hopes of harnessing the region's howling winds to supply Germany with power from green hydrogen.
-
Canadian leads group pushing Vatican for zero-tolerance policy on abuse by clergy
An international group led by a Canadian is in Rome this week to push the Catholic Church to adopt a zero-tolerance policy on abuse by clergy.
-
Newfoundland wind-to-hydrogen company eyes data centre as international market lags
A company hoping to build a multi-billion-dollar wind-to-hydrogen project in western Newfoundland is eyeing other options as Canada's plans to supply Europe with green energy have not yet materialized.
Edmonton
-
What were those columns of light over Edmonton Thursday?
Social media lit up with pictures of the evening sky over the Edmonton area late Thursday. Weather conditions were just right for what are known as 'light pillars.'
-
Man intentionally drove his vehicle into Alberta home before firing long gun: RCMP
An Alberta man has been charged after he allegedly drove his vehicle into a home and fired a gun in a town east of Edmonton.
-
Woman accused in drowning of girl at Alberta lake had been under house arrest
A bail hearing has heard that a woman accused in the drowning death of a five-year-old girl in an Alberta lake didn't know the child and was supposed to be under house arrest.
Calgary
-
Sixth person charged in Tara Miller's death
Alberta RCMP have charged a sixth person in connection with the death of Calgarian Tara Miller.
-
Calgary under a snowfall warning, drivers warned to be prepared
Calgary is under a snowfall warning with total amounts of 15 to 25 centimetres expected.
-
NCAA ruling big win for hockey players that gives them more options
When University of Calgary Dinosaur goaltender Carl Tetachuk wrapped up his WHL career, he only had a couple of choices.
Regina
-
B.C. man dies in collision on Sask. highway
A man from British Columbia has died in a two-vehicle collision on Highway 6 near Milestone, Sask.
-
Snowfall warning expands to Regina with up to 25 cm expected
Much of southwest Saskatchewan, including Regina, is under a snowfall warning on Friday, with total amounts of 10 to 25 centimetres expected.
-
Report shows more girls getting involved in sports, local program creates landscape to continue trend
A Regina program has created a landscape to encourage more girls to get involved in sports while building their self-esteem.
Saskatoon
-
'What about our spirituality?': Sask. man wants new Lighthouse operator to respect Indigenous culture
A Saskatoon man is concerned about an Alberta non-profit coming into the city to open a new shelter and run the Lighthouse.
-
Why isn't Saskatoon's new downtown shelter open yet?
Saskatoon's new downtown shelter must undergo renovations before it can open, according to the operator of the site.
-
Sask. principal has sexual assault conviction overturned in light of 'butt-grabbing game'
A Saskatchewan principal sentenced to six months behind bars for sexual assault has another chance to prove he’s the victim of a middle-school prank that escalated out of control.
Vancouver
-
B.C. florist review-bombed after U.S. shop with similar name angers Trump supporters
A small business owner from B.C.’s Fraser Valley is speaking out after being review-bombed by confused supporters of U.S. president-elect Donald Trump this week.
-
No criminality in school bus crash in B.C.'s Cariboo region, RCMP say
An investigation into the school bus crash near Lac La Hache, B.C., earlier this year that left dozens of people hurt and one Good Samaritan dead has concluded the incident was nothing more than a tragic accident, the RCMP revealed Friday.
-
Ship strikes kill thousands of whales. A study of hot spots could map out solutions
A study of hot spots for collisions between ships and whales around the world, including Canadian waters, offers a map for measures to prevent the deadly strikes that could drive some species to extinction, one of the British Columbia-based authors says.
Vancouver Island
-
Campbell River high school closed due to fire
Carihi Secondary school in Campbell River is closed due to a fire on the property overnight – drawing a firefighting response from multiple departments and a crowd of onlookers.
-
Ship strikes kill thousands of whales. A study of hot spots could map out solutions
A study of hot spots for collisions between ships and whales around the world, including Canadian waters, offers a map for measures to prevent the deadly strikes that could drive some species to extinction, one of the British Columbia-based authors says.
-
Power restored, roads reopened after massive Saanich fire
The power has been restored and single-lane traffic reopened on Saanich’s Quadra Street by the wreckage from a massive fire on a condo construction site.
