The state of provincial deficits in Canada
As Canada reaches two years of the COVID-19 pandemic, provincial deficits are on track to disappear much faster than initially predicted.
Disappearing Act: The state of provincial deficits in Canada, examines the state of provincial finances and finds that major positive revisions of revenue projections mean fiscal surpluses have either already arrived or will soon.
This report concludes that provinces are in better fiscal shape now than after the last recession, largely thanks to lower interest costs on debt.
The faster deficit track and lower debt servicing costs mean provinces can now spend to improve the resiliency and sustainability of public services such as health care, fight climate change and reduce inequality.
