Ontario’s provincial government released its 2023 budget totalling $204 billion, with money earmarked for highway expansion and construction, transit, hospital infrastructure, child care spaces, and capital grants.
The budget forecasts a small surplus of $200 million in 2024–25, three years earlier than forecast in the 2022 budget. The province will start the fiscal 2023–24 year next month with a $1.3 billion deficit.
The 2022–23 deficit is projected to be $2.2 billion, $17.7 billion lower than projected in last year’s budget.
The government indicated it would launch a 10 percent refundable corporate income tax credit for manufacturers producing goods in Ontario. It also promised investment of $27.9 billion for the planning and construction of highway expansion and rehabilitation projects….