Freeland reject’s Toronto’s bailout request, says Ontario in ‘excellent fiscal position’ to help
Deputy Prime Minister Chrystia Freeland is rejecting Toronto’s request for a bailout to address the city’s financial shortfalls and says instead that the Ontario government is in an “excellent fiscal position” to help.
“However, the ability of the federal government to spend is not infinite – and the emergency support we provided during the pandemic led directly to the excellent fiscal position that the Province of Ontario currently enjoys,” Ms. Freeland writes. Ms. Freeland says that in order to address the city of budgetary requirements, “I must reiterate a message that I conveyed directly to then-Mayor Tory and Deputy Mayor McKelvie: the Province of Ontario has both the constitutional responsibility and the fiscal capacity to support Toronto. It is our firm expectation that they will do so.”
This includes a backstop with just over $1-billion remaining to address COVID-19 financial pressures, including reduced transit revenues and increased costs to provide more shelter spaces. The city is currently projecting a budget shortfall this year of more than $900-million and would need to use up most of the backstop if funding isn’t given by the province or Ottawa.
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