On March 24, 2021, the Ontario government presented its 2021 Budget after a year of dealing with the COVID-19 pandemic, and four and a half months since its previous Budget.
The budgetary deficit for 2021-2022 is projected at $33.1 billion, down from $38.5 billion for the previous year, with deficits of $27.7 billion and $20.2 billion projected for 2022-23 and 2023-24.
Using its most realistic scenario, the government does not expect a return to a balanced budget until 2029. It was said by the Minister of Finance “And while this is neither sustainable nor desirable forever, I am absolutely, unequivocally convinced it is necessary to get through the pandemic and to recover stronger.”
This document includes insight into measures that affect individuals, businesses, and more.