The 2018 Ontario Budget is forecasting a $600 million surplus for the 2017-18 fiscal year.
It’s been reported this is because many new programs announced by the government will only be designed in this fiscal year, with new costs not being realized in a meaningful way for the next couple of years. As such, the government is projecting a $6.7 billion deficit in 2018-19 and further deficits for five more years after that.
With regards to infrastructure spending, the province plans to spend $25 billion on nearly a dozen highway projects spread across the province over the next 10 years. These highways include
An additional $79 billion will be spent on public transit projects in Ontario with strong emphasis in the GTA.
The Ontario Government is harmonizing with the federal government’s eligibility criteria, leaving over 20,000 employers paying $100 million more in Employment Health Tax over the next three years. In addition, businesses will be phased out of the small business deduction if they earn between $50,000 and $150,000 of passive investment income, resulting in an additional $350,000 million in new taxes for Ontario businesses over the next three years.