Toronto, ON: The Canadian Taxpayers Federations is applauding the Ford government for its lower deficit in 2023-24 and is calling on the government to move up its timetable to balance the budget.

“Today’s news that last year’s deficit is smaller than forecast is great news for Ontario taxpayers,” said CTF Ontario Director Jay Goldberg. “The government should build on this success by committing to balance the budget next year rather than waiting until 2026-27.”

The Ontario government released its 2023-24 public accounts today, showing Ontario’s 2023-24 deficit was about $600 million. That’s lower than the previously forecasted $1.3 billion.

In Budget 2024, the Ford government forecasted a deficit for the current fiscal year of $9.8 billion, a deficit of $4.6 billion next year and a plan to return to balance in 2026-27.

The Ford government plans to spend a record $14 billion on debt interest payments in 2024-25.

New public accounts data shows government revenue in 2023-24 came in $1.5 billion higher than projected. Should the Ford government commit to spending restraint, that positions the government well to balance the budget sooner than forecast.

“Ontarians are sick and tired of deficits and burning billions on debt interest,” said Goldberg. “Taxpayers are ready to turn the page on decades of red ink. Ford should seize on today’s news and build on it by cutting waste and balancing the books.”

The Ford government could save $9.1 billion annually by ending all corporate welfare. That single step could allow the Ford government to balance the books with a healthy surplus in 2025-26.

“Choosing between corporate welfare and a balanced budget should be a no-brainer,” said Goldberg. “Ford has a clear path to balance the budget and the momentum to do so. It’s time for him to act.”