The province of Ontario is projecting a record high deficit of $38.5 billion in the cross-hairs of COVID-19.
Ontario’s Finance Minister Rod Phillips made the announcement on Wednesday morning.
$30 billion of that deficit is said to be connected to Ontario’s COVID-19 response plans.
The deficit reflects the 2020-2021 fiscal year and suggests the Ontario economy is also projected to shrink by 6.6%.
Phillips says dealing with the pandemic wasn’t a choice, but the government’s response was.
“We chose to do whatever was necessary to protect the people of Ontario and support them as they deal with the unprecedented impact on their lives,” he adds.
The next fiscal update is expected in mid-November.
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