The Ontario government is projecting a reduced deficit heading into 2025 and is maintaining its path to balancing the budget by 2027.
Minister of Finance Peter Bethlenfalvy released the province’s 2024 Ontario Economic Outlook and Fiscal Review on Wednesday, which provided a timeline for bringing Ontario out of a deficit.
The government is now projecting a deficit of $6.6 billion in 2024–25, which is an improvement of $3.2 billion from the estimates in the 2024 Budget. The province also projects a deficit of $1.5 billion in 2025–26, followed by a surplus of $0.9 billion in 2026–27.
The recent economic review highlights several planned provincial investments including a $200 taxpayer rebate that will be provided to Ontario families early next year.
Starting in 2026, the government is also committing around $88 million over three years to expand Learn and Stay grants for 1,360 eligible undergraduate students who commit to practicing family medicine with a full roster of patients once they graduate.
As well, the government will invest an additional $150 million over two years to expand the Ontario Fertility Program (OFP), which is expected to nearly triple the number of individuals who can receive a government-funded in vitro fertilization (IVF) cycle.
The province also plans to increase its main general assistance grant to municipalities by $100 million over the next two years.
Consultations will be launched on November 14 to help inform the provincial government as it moves forward with the 2025 budget.
