Ontario Budget Deficit Projected to Jump to $38.5 Billion in 2020-2021

Ontario Budget Deficit Projected to Jump to $38.5 Billion in 2020-2021
Ontario Minister of Finance Rod Phillips speaks during the daily briefing at Queen's Park in Toronto on June 8, 2020. THE CANADIAN PRESS/Frank Gunn
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TORONTO—The COVID-19 pandemic continues to take a heavy toll on Ontario, the province’s finance minister said Wednesday, as he announced the government has nearly doubled its deficit projection to $38.5 billion in just three months.

Rod Phillips said the pandemic has created an “unprecedented health crisis” and the province had to spend billions to support the health-care sector and help businesses and residents.