2022 Ontario Budget Preview: Higher Revenues Put Ontario’s Finances in a Good Place Leading into the Budget

Canada’s 2022 budget season will soon come to a close with the release of the Ontario government’s pre-election budget. As has been the case in other provinces, we expect a substantially-improved outlook. Revenues are likely to have surprised on the upside as they have elsewhere, which will boost the overall outlook for budget deficits and net debt. But risks abound, most pronounced of which include Ontario’s housing market and rising borrowing costs.