Toronto, ON: The Canadian Taxpayers Federation is calling on Ontario Premier Doug Ford to introduce balanced budget legislation, as today’s Financial Accountability Office report shows Ontario’s budget recorded a surprise surplus last year.

“A balanced budget is great news for Ontarians because it means less debt for future generations to pay, less money wasted on interest charges and more room to cut taxes,” Jay Goldberg, CTF Ontario Director, said. “Now that the budget has been balanced for two consecutive years, it’s time for Ford to commit to balanced budget legislation.”

Balanced budget legislation would require future governments to keep the province’s budget balanced each year, except in times of narrowly defined emergency.

“Ontario’s municipalities are required to balance the books each year and the same standard should apply to the provincial government,” Goldberg said. “Ontario is the most indebted sub-national government in the world, so Ford should commit to lowering that debt burden by requiring the province to run a surplus each year.”

Every Ontarian is now on the hook for roughly $60,000 in government debt when combining provincial and federal government debt.

“After 14 years of deficits and ballooning debt, Ontario is finally on the right track with two consecutive years of balanced budgets,” Goldberg said. “Balanced budget legislation is the perfect commitment to a sustainable Ontario because it forces politicians to put away the credit card.”