This briefing looks at Ontario’s Budget 2014 and the tough challenges for the provincial government to keeping to its fiscal plan.
Ontario Budget 2014
Ontario Budget 2014
Provincial Economic Analysis
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- Weak economic growth has left the province with an $11.3 billion deficit in 2013–14. Unfortunately, no improvement is expected this year, with the government planning a $12.5-billion deficit in 2014–15.
- Spending restraint is back-end loaded, with total program spending flattening out and then falling in 2017–18. But to balance the books by 2017–18 as planned, the government is also counting on strong economic growth to shore up revenues in the outer years of the planning exercise.
- The budget introduces a major new pension plan to be implemented in 2017, and new infrastructure spending.
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