Toronto, ON: The Canadian Taxpayers Federation is calling on Ontario Premier Doug Ford to introduce balanced budget legislation, as a new Financial Accountability Office report shows Ontario’s budget will be in surplus for the foreseeable future.

“Today’s FAO report is great news for Ontarians,” said CTF Ontario Director Jay Goldberg. “The report shows that the province is positioned to run a balanced budget this year and into the future. With the budget balanced, now is the time for balanced budget legislation.”

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

“Ontario requires its municipalities to balance the books each year, and the same should be expected of the provincial government,” said Goldberg. “Ontario is the most indebted sub-national government in the world. Ford should formally commit to getting that debt burden down 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 debt loads.

“After 14 years of deficits and ballooning debt, Ontarians want their government to commit to getting the province’s finances in order over the long term,” said Goldberg. “Balanced budget legislation is the perfect way to do that. It would force future governments to make tough choices instead of pulling out the taxpayer credit card.”