On November 15, 2018, new Ontario Finance Minister, Vic Fedeli tabled the province’s 2018 Ontario Economic Outlook and Fiscal Review. The minister forecasts the 2018-19 fiscal year will end with a $14.5 billion deficit in contrast to the previous government’s forecast of a $6.7 billion deficit. The new government engaged the Independent Financial Commission of Inquiry to review the financial and accounting practices of the previous government. The Commission confirmed the 2018 Budget numbers were “not a reasonable representation of Ontario’s finances.” The Commission concluded that the government inherited a deficit of $15 billion for 2018-19, $8.3 billion higher than previously forecast.
Below, we have highlighted selected proposals from the Economic Outlook that affect individuals and businesses in Ontario.
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