Good News and Bad News: Five Questions in the Leadup to the 2023 Ontario Budget

In this note, we discuss five questions that should be on your radar when Ontario releases its fiscal year 2023–24 (FY2024) budget on March 23. Importantly, the latest FY2023 revenue windfall could carry into later years and improve the province’s budget balance. However, the data also suggests that Ontario’s economy is weakening in response to sharply higher interest rates. The budget should provide more insight into Ontario’s exposure to various risks that dot the economic landscape, as well as how the province intends to tackle longer‑run challenges.