The Update anticipates a deficit of $5.6 billion for 2023-24 and projects a deficit of $5.3 billion for 2024-25 and a surplus of $0.5 billion for 2025-26. Although the Update does not include any new changes to the corporate or personal tax rates, it effectively removes the provincial 8% HST on qualifying new purpose-built rental housing in Ontario in line with recent federal proposed GST changes and extends gas and fuel tax reductions until mid-2024, among other changes.

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