Ontario to release pandemic budget next month

By Rudy Mezzetta | October 26, 2020 | Last updated on October 26, 2020
1 min read
Ontario Queen's Park Legislative Building

The Ontario government will release its 2020 budget on Thursday, Nov. 5, the first in more than a year and a half due to delays caused by the Covid-19 pandemic.

The 2020 budget will provide a three-year outlook that builds on the Progressive Conservative government’s fiscal response to the pandemic, released in March. That spring fiscal update included a $17-billion spending package.

The government updated its plan in the summer, increasing its pandemic support this fiscal year to $30 billion.

With that spending boost, the government nearly doubled its deficit projection to $38.5 billion.

“The next phase of Ontario’s Action Plan will make available every necessary resource to continue to protect people’s health during the second wave of Covid-19 and beyond,” Phillips said.

“It will also expand the support our government has provided to those still facing financial hardship due to the pandemic, including families, workers, vulnerable people, seniors and employers.

The government will also return to a more traditional budget schedule next year with a March budget in 2021, Phillips said.

The previous Ontario provincial budget was presented April 19, 2019.

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Rudy Mezzetta

Rudy is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on tax, estate planning, industry news and more since 2005. Reach him at rudy@newcom.ca.