Toronto, ON: The Canadian Taxpayers Federation is calling on the Ford government to balance the budget immediately as the Financial Accountability Office released a report showing that goal is within reach.

“After years of massive deficits, Ontario is finally positioned to turn a corner,” said CTF Ontario Director Jay Goldberg. “With the province nearly $500 billion in debt, the Ford government owes it to taxpayers to make this FAO surplus projection a reality.”

The new FAO report is projecting Ontario will run a surplus of $3 billion in 2023-24, $7.4 billion in 2024-25 and $10.6 billion in 2025-26.

The Ford government’s March budget projected a deficit of $1.3 billion for 2023-24, a $200 million surplus in 2024-25 and a $4.4 billion surplus in 2025-26.   

“Today’s numbers are significantly better than the Ford government projected just a few months ago,” said Goldberg. “The government should use this momentum to balance the books this year and start paying down the province’s massive debt tab.”

Ontario’s provincial debt currently stands at $496 billion, which works out to about $33,700 per person.