Ontario projecting $12.9 billion deficit.
The Ontario government is projecting a deficit.
Finance Minister Peter Bethlenfalvy has released the province's fall economic statement for 2022-23.
Ontario is projecting a deficit of $12.9 billion for this fiscal year, which is about $7 billion less than predicted in the 2022 budget.
The statement includes a number of pledges, including $185 million in income tax relief for small businesses for each of the next three years, and increasing earnings exemptions for ODSP payments from $200 to $1,000.
Each dollar earned above that would reduce benefits by 25 cents.
The government is also promising to extend cuts to the gas and fuel tax rates until the end of next year, as well as launch a voluntary clean energy credit registry for businesses.
Also included is an investment of $159.3 billion over the next decade for infrastructure.
The latest financial documents show the government has made about $186.8 billion in revenue, mostly from taxes and federal transfers.
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