Ontario Deficit

Ontario's Credit Rating Takes A Hit

CP | Allison Jones, The Canadian Press | Posted 12.19.2014 | Canada Business

TORONTO - Fitch Ratings downgraded Ontario's long-term debt rating Friday, highlighting "risks" on the path to the Liberal government's target of bala...

Why Ontarians Shouldn't Trust Wynne With Our Retirements

John Laforet | Posted 12.11.2014 | Canada
John Laforet

It is laughable that the Ontario Liberals are scolding residents of the province for not putting enough away for their own retirements when the Government has so chronically underfunded it's own defined benefit pension plans that they look more like Ponzi schemes than retirement benefits.

Ontario Is In A Debt Spiral, Auditor General Says

CP | Diana Mehta, The Canadian Press | Posted 12.09.2014 | Canada Business

TORONTO - Ontario's auditor general is sounding the alarm about the province's ballooning debt in her annual report, warning that it continues to grow...

The Ontario Government Should Take Ownership For Its Serious Economic Problems

Charles Lammam | Posted 11.19.2014 | Canada Politics
Charles Lammam

By 2017/18, the government expects that over 10 cents of every revenue dollar collected by Queen's Park will go to servicing past debt rather than public services that Ontarians care about such as health care and education or tax relief that improves the province's tax competitiveness.

Report Spells Bad News For Wynne

CP | Allison Jones, The Canadian Press | Posted 11.25.2014 | Canada Politics

TORONTO - Higher taxes or further spending cuts will likely be needed if Ontario's Liberal government is to keep its promise of balancing the books in...

Carbon Tax Is Not a Solution for Ontario's Economy

Candice Malcolm | Posted 10.05.2014 | Canada Business
Candice Malcolm

Ontario has dug itself into a deep financial hole. The responsible thing to do is curb government spending to balance the books. But some analysts are suggesting that Ontario should raise taxes. McGill University's Dr. Christopher Ragan has even called for a carbon tax. This is a terrible idea. The last thing cash-strapped Ontario families can bear right now is a tax on everything.

Are "Wynne Days" Coming?

Sean Speer | Posted 09.19.2014 | Canada Politics
Sean Speer

We've seen this script before. Higher spending. Tax increases. Persistent deficits. Growing debt. Warnings from credit rating agencies. A government unwilling to make the tough choices to turn things around. That's the Ontario of the 1980s and early 1990s. It's also where the province finds itself today.

The Stories Politicians Tell Themselves Are Rarely True

Mark Milke | Posted 09.20.2014 | Canada Politics
Mark Milke

Bob Rae and Kathleen Wynne are hardly the only (former and current) politicians to engage in storytelling. Politicians of every partisan stripe do the same thing. But while stories are useful and guide us in a variety of beneficial ways, the rational side of human nature should revisit tales now and then, especially political ones. That leads to better, smarter government. Ontario is no exception.

She's Either Going To Hike Taxes Or Cut Jobs: Opposition

CP | Keith Leslie, The Canadian Press | Posted 09.06.2014 | Canada Politics

TORONTO - Ontario's Liberals may have won a majority June 12, but they have no plan to eliminate a $12.5 billion deficit without cutting jobs or raisi...

Wynne, Stop Ontario's Credit Rating From Plummeting Further

Sean Speer | Posted 08.19.2014 | Canada Politics
Sean Speer

The government already spends 9.2 per cent of its revenues to service its debt and, according to its own estimates, this will rise to nearly 11 per cent in the next four years. Put plainly, Ontario spends $1 out of every $10 sent to Queen's Park to pay for past debt. This is money not spent on health care, education, transportation, or other public priorities. The increase in rates and the expectation for further hikes means even more tax revenues will go to paying interest instead of key government services.

Borrowing for Transit is a Tax on Future Taxpayers

Candice Malcolm | Posted 07.01.2014 | Canada Politics
Candice Malcolm

It's far from perfect, but it is a sign of good will that the government has been listening to its critics -- namely the Ontario NDP who demanded no new taxes on "the middle class" and the Canadian Taxpayers Federation who has long called for a dedicated fund to tie taxes collected from drivers with roadway spending.

What Premier Wynne Should Learn From Philippe Couillard

Candice Malcolm | Posted 06.29.2014 | Canada Politics
Candice Malcolm

Since the financial meltdown in 2008-09, Quebec has run massive deficits each year. The province is on track to add $53 billion to its total provincial debt -- a 35 per cent increase -- by the end of the year. But in the same period, Ontario under McGuinty and Wynne will add $120 billion to its debt -- a 71 per cent increase.

Hudak: Libs Used 'Fake' Deficit Figure

CP | Keith Leslie, The Canadian Press | Posted 06.28.2014 | Canada Politics

TORONTO - Ontario's Progressive Conservatives released cabinet documents Monday that they said show the Liberals misled the public for years with "fak...

Which Provinces Are In The Most Financial Trouble?

The Huffington Post Canada | Posted 08.25.2013 | Canada Business

Canada’s provinces have been struggling to balance the books for years (some of them for decades), and with the economic sluggishness of recent year...

Is There no End to this Liberal Deficit Madness?

Mitch Wolfe | Posted 08.28.2013 | Canada Politics
Mitch Wolfe

Is there no end to this Liberal deficit madness? It is ironic that Premier Wynne does not practice what she preaches, as she and her government have reneged on their commitment of continuous funding of $150 million annually to the City of Toronto for its social housing.

Want to Save Money In Ontario? Cut the Fat in Education

Malkin Dare | Posted 04.10.2013 | Canada Politics
Malkin Dare

For the sake of future generations, we need to take immediate and forceful action to deal with Ontario's massive deficit. And of course, to cut the deficit we will need to cut government waste, and that includes cutting the wasteful practices so prevalent in our education system. Ontario is going to have to take drastic action lest it go the way of Greece.

Will Wynne Untangle Ontario's Fiscal Mess?

Charles Lammam | Posted 04.01.2013 | Canada Politics
Charles Lammam

Having won the Ontario Liberal Party's leadership, Premier-designate Kathleen Wynne has a golden opportunity to chart a new course and undo Dalton McGuinty's legacy of fiscal mismanagement. As Wynne contemplates priorities for her leadership she should seriously consider putting Ontario's deficit and debt problem on the top of her to-do list

$3 Billion Of Good News For Ontario

CP | The Canadian Press | Posted 03.24.2013 | Canada Politics

TORONTO - Ontario's projected deficit for 2012-13 has fallen from $14.8 billion to $11.9 billion.Finance Minister Dwight Duncan says the nearly $3-bil...

Euro-Style Debt Crisis Could Hit Canada: Report

The Huffington Post Canada | Daniel Tencer | Posted 10.18.2012 | Canada Business

Canada could face a eurozone-style debt crisis in the coming decades if provinces don’t fix their finances, says a new report from the Macdonald-Lau...

Which Provinces Are In The Most Financial Trouble?

The Huffington Post Canada | Daniel Tencer | Posted 10.16.2012 | Canada Business

Canada’s provinces are in long-term fiscal trouble. That was the conclusion of a recent report from federal Parliamentary Budget Officer Kevin P...

Ontario's Good Bad News

CP | Maria Babbage, The Canadian Press | Posted 12.15.2012 | Canada Politics

TORONTO - Ontario's minority Liberals will reach out to labour leaders and the Progressive Conservatives to get a public sector wage freeze that's nee...

Moody's Downgrades Ontario

CP | Maria Babbage, The Canadian Press | Posted 04.27.2012 | Canada Business

TORONTO - Ontario's minority Liberal government is downplaying a decision by Moody's Investors Service to downgrade the province's debt rating, citing...

Economic Outlook DOWNGRADED

CBC | Posted 06.25.2012 | Canada

Former Liberal MP Borys Wrzesnewskyj is in court this week, challenging the 2011 election results in the Toronto riding of Etobicoke Cent...

Ontario Deficit Falls Slightly

CP | Keith Leslie, The Canadian Press | Posted 06.25.2012 | Canada Politics

TORONTO - A second credit rating agency put Ontario on credit watch Wednesday, just hours after the province announced last year's deficit was $300 mi...

Teachers' Sick Days Costing Ontario Nearly $2 Billion

CP | Keith Leslie, The Canadian Press | Posted 05.01.2012 | Canada Politics

TORONTO - Ontario can no longer afford to allow teachers to bank sick days and get a large payout on retirement and also needs to freeze their wages f...