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Ontario on track for years of post-pandemic deficits without new policy: FAO

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Ontario’s unspent pandemic reserves grew to $12 billion by end of September: FAO The FAO says Ontario will have a $35.5 billion deficit in 2020-2021 that is projected to drop to $16 billion by 2024-2025.But the FAO says barring any service cuts or tax increases, the province will continue to have annual deficits at that level going forward.By law, when Ontario is in deficit, it must develop a recovery plan that charts a path to balanced budgets.The province is expected to deliver its 2021-2022 budget by March 31. .

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