Toronto, ON: The Canadian Taxpayers Federation is calling on Premier Doug Ford to rein in spending as the provincial budget released today includes a $9.8-billion deficit.

“This is the Ford government’s seventh budget and it’s only managed to balance the books once,” said CTF Ontario Director Jay Goldberg. “After adding $80 billion to the province’s debt, the Ford government should be balancing the books and looking to pay down debt. A $9.8-billion deficit is an unacceptable burden being placed on future generations.”

The Ontario government doesn’t plan to balance the budget until 2026-27, two years later than promised in budget 2023.

The previous budget projected a surplus of $200 million in 2024-25. With a deficit of $9.8 billion, the government is $10 billion off its original target.

Revenue for 2024-25 is up $900 million over projections in budget 2023, while expenses are up $9.8 billion.

Debt interest payments will reach $13.9 billion in 2024-25.

“Taxpayers are on the hook for more than a billion dollars a month on debt interest charges,” said Goldberg. “That’s money that could otherwise go to health, education or lower taxes. It’s time to end Ontario’s debt parade.”

One bright spot is the government’s extension of its 6.4 cent per litre gas tax cut until the end of the year.

“The Ford government deserves credit for lowering costs at the pumps,” said Goldberg. “At a time when the Trudeau government is making life more expensive for Ontarians with its carbon tax, it’s good to see the Ford government continue to provide relief at the pumps.”