No where to go but up for the provincial portion of income taxes
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Interest on the debt, at almost $1 billion a month, is the third highest expense in the budget. Ontario spends more on interest payments than it does on post-secondary education. While the Liberals may manage to use accounting tricks and one-time sell-offs to present a balanced budget in time for the next election, the FAO says the reality is that annual deficits will continue through 2021, pushing the total to about $350 billion. FAO officer Stephen LeClair says the government also continues to hide information from him as he tries to get a grasp on the true state of affairs.
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y FAO calculations, Ontario’s debt, at almost $300 billion, has grown almost 90% since 2008-9 alone. The province has $2.40 in debt for every dollar of revenue it brings in.