Ontario Puts $2.2B Amid Ongoing uncertainty Around Variants
Ontario is putting an additional $2.2 billion toward COVID-19 spending, amid ongoing uncertainty about variants of concern.
Finance Minister Peter Bethlenfalvy released the province’s 2021-22 first quarter finances today, and says it’s important to have resources available to prepare for potential future surges in the pandemic, the Canadian Press reported on Thursday.
Revenue projections are $2.9 billion higher than in the budget, due to stronger economic growth and increased transfers from the federal government.
The deficit projection is being revised by $700 million, down to $32.4 billion.
Bethlenfalvy didn’t specify what the $2.2 billion in new spending would go toward, saying it’s available for the government to use to protect people’s health and the economy as needed.
The increased revenues include $1.9 billion from the federal government and another approximately $1 billion from corporate taxes and land transfer taxes.