Skip to main content

Ontario Finance Minister Charles Sousa speaks to the media prior to a pre-budget consultation session in Toronto on Friday, January 23, 2015.

Frank Gunn/THE CANADIAN PRESS

Ontario Finance Minister Charles Sousa announced he will deliver his budget on April 23, just two days after the federal Conservative government tables a budget that federal Finance Minister Joe Oliver says will be balanced.

Ontario is facing a massive debt. It is projecting a $10.9-billion deficit, and will not balance its books until 2017-2018.

In addition, there will be nothing in the upcoming budget to reflect Premier Kathleen Wynne's announcement Monday that Ontario is joining Quebec and California in a cap-and-trade system.

Story continues below advertisement

The government has put no figure on how much revenue will be raised from the new scheme. It is expected to take officials about six months to design it but there are estimates it could raise between $1-billion and $2-billion a year, depending on the price of carbon credits, according to sources.

"It's not built into our fiscal plan," Mr. Sousa told reporters. He was speaking at an event at Ryerson University in downtown Toronto Tuesday morning.

Mr. Sousa said that his ministry has made some assessments as to what amounts may be raised but he is not releasing them. He repeated Ms. Wynne's assertions that any revenues raised will be ploughed back into initiatives that reduce greenhouse-gas emissions.

Meanwhile, he emphasized that next week's budget will address the so-called infrastructure deficit – and boasted that it will be one of the "most progressive budgets" in the province's history.

A centrepiece of the fiscal plan is expected to be the money raised from the partial sale of Hydro One. He and Ms. Wynne have said they will use the funds from the sale to pay for infrastructure projects, including public transportation, roads and bridges.

Ed Clark, the former CEO of Toronto-Dominion Bank, is advising the government on this as well as how to squeeze more money from two other Crown corporations, the LCBO and Ontario Power Generation.

Mr. Sousa said Tuesday that the Clark report will be released publicly prior to the budget.

Story continues below advertisement

"It is such a large component of what it is we're going to have in our budget," he told reporters Tuesday. He wouldn't give a date but there is speculation that Mr. Clark's report will be made public later this week.

Report an error Editorial code of conduct
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

Cannabis pro newsletter