Ontario sharply lowered its projected deficit for next year in a move the opposition suggests is all about setting the stage for a balanced budget just ahead of a possible spring election.
Earlier this year, the government had forecast a $4.6-billion deficit for 2025-26, but in its fall economic update presented Wednesday, that is now set at $1.5 billion.
The fiscal document shows revenues and expenses for that year are actually balanced, and the entirety of the projected $1.5-billion deficit is a $1.5-billion reserve. The province maintains its projection of a small surplus by 2026-27.