The Government of Ontario is projecting a $13.1 billion deficit this fiscal year, down from the province's last forecast due to higher revenue collections.
Ontario Finance Minister Peter Bethlenfalvy says the government has invested most of the $2.7 billion in COVID-19 relief funding announced as part of the fall economic statement, with $500 million remaining for the rest of the fiscal year.
The money has gone to hospitals, property tax and energy rebates for businesses, small business grants, long-term care homes and training for personal support workers.
The 2021-22 deficit projection is $8.4 billion lower than in Ontario's fall economic statement, with revenues $8 billion higher than expected at that time. The increased revenues have largely come from taxes, as a result of stronger-than-expected economic activity.
The financial update comes not long before the province's next budget, which has to be tabled by March 31 of this year.
