What’s in the Ontario budget? Highlights from the 2022 fiscal plan

The Ontario government unveiled its budget Thursday, which they hope will lead them to victory in the June election.

Opposition parties, however, are questioning if this is an actual budget or election-style promises disguised as one.

The budget includes billions in infrastructure spending and will see the deficit rise to
$19.9 billion this year. The province says it has a plan to balance the budget and eliminate the deficit, but not for another five years.

Based on an expected huge increase in government revenues the province is projecting steadily declining deficits, going from a nearly $20 billion high this fiscal year to under $8 billion by 2024-25, and then return to a balanced budget in 2027-28, two years earlier than the government projected last year.

Liberal Leader Steven Del Duca says the budget lacks ambition and doesn’t address the priorities of Ontarians. NDP leader Andrea Horwath is accusing the Tories of presenting a “bait and switch” budget, suggesting they would enact cuts if re-elected.

Other tax breaks and enhancements proposed in the budget include cutting its gas tax by 5.7 cents a litre for six months beginning July 1. The province is also proposing a new tax credit to help seniors aged 70 and older pay for home care medical expenses.

Phil Perkins spoke one-on-one with Ontario’s Finance Minister, Peter Bethlenfalvy.