Ontario is projecting its budget deficit will jump to $38.5 billion this year due to COVID-19.
Finance Minister Rod Phillips — who had projected a $20.5 billion shortfall in March, up from last year’s $9.2 billion deficit — revealed Wednesday the extent of the coronavirus toll on the provincial treasury.
The increase is attributed to higher spending in the health-care sector, economic stimulus measures, and billions less in revenue.
In March, the province announced a $17-billion spending package to provide aid during the global pandemic.
The government now says its COVID-19 relief spending will total $30 billion by the end of the fiscal year
