The Update anticipates a deficit of $6.6 billion for 2024-25 and projects a deficit of $1.5 billion for 2025-26 and a surplus of $0.9 billion for 2026-27. Although the Update does not include any new changes to the corporate or personal tax rates, it announces a one-time taxpayer rebate to Ontario residents and further extends the gasoline tax and fuel tax rate cuts.
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