Provincial Budgets and Economic Statements

The provincial debt burden is expected to be the heaviest on record, reaching 39.1% of gross domestic product by fiscal 2025-26.

Province anticipates $9.8 billion deficit, scrapping last year’s plan for a surplus ($200 million) in 2024-25. Return to balance has been delayed two years to fiscal 2026-27. Revenue growth is expected to slow to a crawl in 2024-25 (0.6%) as Ontario’s economic outlook weakens. Infrastructure expansion remains an investment priority. Ontario is on track to […]

Newfoundland and Labrador projects a $152 million budget shortfall in 2024-25, scrapping surplus plans for the upcoming fiscal year. Revenues are set to jump 7.8% in 2024-25 alongside a rebound in natural resource production. The 4.6% boost to spending will keep expenditures floating above revenues until 2025-26. The province’s heavy debt burden is back on […]

A $483 million deficit now replaces the previous billion-dollar surplus projection in 2023-24 after an unexpected surge in crop insurance claims grew expenditures. The budget’s bottom line stays in the red in 2024-25 (-$273 million) before returning to modest surpluses in the following two years. Expenditures in 2024-25 are projected to shrink (-3.5%) after a […]

New Brunswick projects a $41 million surplus in 2024-25—marking the seventh year it’s kept the books in the black.

Quebec expects deeper budget deficits over the next six years and delays plan to return to a balance to 2029-2030.

E.I. deficit to linger around the year-ago level ($86 million) in fiscal 2024-25 with no plans for balance over the fiscal planning horizon.

Alberta’s government announced its fourth consecutive budget surplus, predicting $367 million in fiscal 2024-25.

Nova Scotia is expected to run a $467 million deficit in fiscal 2024-25 after surprising with a balanced budget in 2023-24.

New rebates and tax credits prevent revenue from surpassing the fiscal 2022-23 level ($82 billion), driving a wedge between revenue and expenditure.

Quebec’s bottom line over the fiscal planning horizon is unchanged from that set out in Budget 2023.

Ontario boosted its deficit projection from $1.3 billion to $5.6 billion this fiscal year despite expecting slightly stronger economic growth since Budget 2023.