Ontario Sees Improvement in Budget as Tax Revenue Rushes In (1)

Ontario’s budget deficit is on pace to narrow significantly this fiscal year as it collects billions of dollars in additional tax revenues from economic growth, inflation and the return of workers to the labor force.

The government of Canada’s most populous province sees a budget shortfall of C$21.5 billion ($17.3 billion) for the fiscal year ending March 31, the Ministry of Finance said in an economic update Thursday. That compares to C$32.4 billion in the most recent projection.

The next two fiscal years are also expected to see fiscal improvement, with deficits expected to decline to C$19.6 billion ...