Charles Sousa, Minister of Finance, announced today that he will deliver the 2017 Ontario Budget on April 27. The Budget will outline the government’s plan to create a stronger, healthier Ontario through investments in key services that help people and their families.
Minister Sousa made the announcement during a speech to the Empire Club of Canada in Toronto, and provided an update on Ontario’s economic growth. According to the Fourth Quarter Ontario Economic Accounts released today, the province’s real GDP increased by 2.7 per cent in 2016, outpacing Canada’s increase of 1.4 per cent, higher than all the G7 countries and beating private-sector forecasters’ projections.
Ontario has been one of the fastest-growing provinces over the past three years, and private-sector economists expect that will continue for at least another two years. Since the recessionary low in June 2009, Ontario has added nearly 700,000 jobs, the majority of which are in full-time positions and in the private sector.
“Ontario is creating jobs, the economy is growing, and we will deliver on our commitment to balance the budget this year,” Sousa said. The Ontario Liberals have promised to balance the budget before the 2018 provincial election. The Fraser Institute recently forecast that the province will add $9 billion/ year afterwards. The interest payments on the debt are among the province’s top three expenditures with healthcare, and education.