As revenues boom, Queen's Park tightens the screws

November 29, 2021

Randy Robinson

This article is republished with thanks to the Canadian Centre for Policy Alternatives (CCPA). It originally appeared in its publication The Monitor.

 

In 2020, front-page stories on the Ontario budget were all about spending—huge, huge spending to combat COVID-19. Now, as 2021 wraps up, rising provincial revenues are getting their time in the spotlight.

 

Back in March, Finance Minister Peter Bethlenfalvy tabled a 2021-22 budget that projected only a slight improvement in revenue over last year. By the time of his Nov. 4 fiscal update, though, the minister was seeing a revenue increase that was nearly 10% higher than his earlier prediction. Money was pouring into provincial coffers. Suddenly, the minister had $14.6 billion he hadn’t banked on.

 

As it turns out, massive federal spending to shore up the economy was not only good for people and businesses; it was also very good for provincial tax revenues.

 

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