Toronto, ON: The Canadian Taxpayers Federation is applauding the Ford government’s lower deficit projections and calling on the government to move up its balanced budget timetable because of a revenue windfall.

“The Ford government’s fall economic update is projecting that deficits this year and next will collectively be $6.3 billion lower than what the government projected in its spring budget,” said CTF Ontario Director Jay Goldberg. “Borrowing billions of dollars less means lower interest costs, less debt to pay back later and a smaller burden passed down to future generations.

“But with revenues going up, Finance Minister Peter Bethlenfalvy should move up his balanced budget timetable from 2026 to 2025.”

The Ford government now anticipates deficits of $6.6 billion in the current fiscal year and $1.5 billion in 2025-26. That compares to previous deficit projections of $9.8 billion and $4.6 billion respectively.

The lower projected deficit figures are due to an increase in revenue. Revenue for fiscal year 2024-25 is up from a projected $205.7 billion in Budget 2024 to $212.6 billion today.

Expenses have also increased compared to the spring budget, rising from $214.5 billion to $218.3 billion. Debt interest costs have decreased from $13.9 billion to $12.7 billion because of a credit rating upgrade and lower deficits.

“With this kind of revenue windfall, it would be wrong for the government to wait another two years to balance the books,” said Goldberg. “The Ontario government should commit to balancing the budget next year, full stop.”