Ontario cuts $300 million off the deficit in the last fiscal year
Posted by news | Filed under All News Stories, Durham, GTA, Politics, Toronto
Changes in the federal budget, and the new tax on the rich are being credited with helping to lower Ontario’s deficit. Finance Minister Dwight Duncan says during the last fiscal year, the deficit fell from $15.3 billion to $15 billion. Duncan says the newly implemented surtax on those making over $500,000 will go towards the deficit and help get the province to balance its books more quickly than planned. The new tax bracket and a cap on government spending will help take $3.5 billion off the debt by 2017-2018 according to Duncan.
