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Ontario is on track for years of postpandemic deficits unless the government hikes taxes or cuts services, the province’s fiscal watchdog said in a new report Thursday.
Financial accountability officer Peter Weltman said a series of factors, including the pandemic and aging demographics, will contribute to the deficit, which he projects will grow to $35.5-billion in 2020-21.
Ontario, Canada's most populous province, said on Wednesday it would increase spending on hospitals and small businesses during the coronavirus pandemic, as it maintained its forecast for a record budget deficit in the current fiscal year.