Ontario Economic and Fiscal Update 2022
Budget 2022On November 14, 2022, Finance Minister Peter Bethlenfalvy delivered the 2022 Ontario Economic Outlook and Fiscal Review (the “Fiscal Review”).
Contents
On April 28, 2022, Finance Minister Peter Bethlenfalvy tabled Ontario’s 2022-2023 budget (ON Budget 2022).
ON Budget 2022 shows that the province projects a deficit of $13.5 billion for the 2021-2022 fiscal year, compared to a $33.1 billion deficit projected for the same fiscal year in the previous budget.
The province projects a deficit over the next three years as follows:
| Year | Projected surplus/(deficit) |
| 2022-23 | ($19.9 billion) |
| 2023-24 | ($12.3 billion) |
| 2024-25 | ($7.6 billion) |
Visit our Budget 2022 hub to learn more about all federal and provincial budgets.
Related content
What does Bill C-32 mean for you, your trust, or your business?
Budget 2022Bill C-32 includes measures aimed to help with housing affordability, specific non-tax measures from Fall Economic Statement 2022, and previously proposed legislation.
Fall Economic Statement 2022
Tax ServicesOn November 3, 2022, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, tabled the federal government’s Fall Economic Statement.
Insights
Get the latest insights in your inbox.
Subscribe to receive relevant and timely insights and event invitations.