Ontario Deficit

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Ontario's Debt Situation Is About To Get a Whole Lot Worse

Consider that in 2013/14 interest on the provincial debt was $10.6 billion. According to the province's fall fiscal update, that was just over half of all provincial sales tax revenue paid by Ontarians last year ($20.5 billion). So Ontarians should know that when you pay your provincial sales tax at the till, half of it flutters away just to pay your provincial government's debt interest.
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Ontario's Credit Rating Takes A Hit

TORONTO - Fitch Ratings downgraded Ontario's long-term debt rating Friday, highlighting "risks" on the path to the Liberal government's target of balancing the budget by 2017-18.The rating agency cut...
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Report Spells Bad News For Wynne

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 three years, the Conference Board of Canada said...
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Carbon Tax Is Not a Solution for Ontario's Economy

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.
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Are "Wynne Days" Coming?

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.
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The Stories Politicians Tell Themselves Are Rarely True

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.
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Wynne, Stop Ontario's Credit Rating From Plummeting Further

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.
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Hudak: Libs Used 'Fake' Deficit Figure

TORONTO - Ontario's Progressive Conservatives released cabinet documents Monday that they said show the Liberals misled the public for years with "fake" figures on the size of the province's deficit,...
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Want to Save Money In Ontario? Cut the Fat in Education

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?

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
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$3 Billion Of Good News For Ontario

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-billion drop from last spring's budget projection is...
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Ontario's Good Bad News

TORONTO - Ontario's minority Liberals will reach out to labour leaders and the Progressive Conservatives to get a public sector wage freeze that's needed to eliminate the province's $14.4 billion defi...
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Moody's Downgrades Ontario

TORONTO - Ontario's minority Liberal government is downplaying a decision by Moody's Investors Service to downgrade the province's debt rating, citing the cash-strapped province's growing debt burden...
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Ontario Deficit Falls Slightly

TORONTO - A second credit rating agency put Ontario on credit watch Wednesday, just hours after the province announced last year's deficit was $300 million less than projected only a month ago.Standar...
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Economic Outlook DOWNGRADED

Former Liberal MP Borys Wrzesnewskyj is in court this week, challenging the 2011 election results in the Toronto riding of Etobicoke Centre. The race was close. Wrzesnewskyj lost to Conservative Ted...