Ontario Releases 2008-09 Public Accounts

September 25, 2009 1:00 PM

Global Economic Downturn Causes Steep Decline In Corporate Income Tax Returns

Today's release of the 2008-09 Public Accounts of Ontario highlights the McGuinty government's proven track record of disciplined financial management and accountability.

This past year, the global economy entered into a crisis unseen since the 1930s.  Countries and jurisdictions around the world have experienced the challenges presented by the global economic crisis.

As a result of the global economic downturn, Ontario saw a 0.5 per cent contraction in its real gross domestic product in 2008 and a sharp decrease in the province's taxation revenues, mainly due to lower corporate tax revenues.  As a result, Ontario had a deficit of $6.4 billion for 2008-09.


Quick Facts

  • In 2008-09, corporate tax revenues decreased by 48.1 per cent, the largest year-over-year revenue decrease in recent history.
  • Despite pressures on spending, the government kept total spending to $96.9 billion, an increase of only 0.37 per cent from the previous year.
  • In the last five months of fiscal 2008-09 year, the government saved $111 million by slowing or delaying the implementation of new spending and restraining internal government expenditures, exceeding the target by three per cent.
  • Ontario's spending per resident on "general government services," including administration costs, was the second lowest among provincial governments in 2008-09, according to Statistics Canada data. At $134 per resident, Ontario's spending per resident was 28 per cent below the $185 average of other provincial governments.
  • The Public Accounts of Ontario present the financial statements of the province, provide financial highlights of the past fiscal year and report on performance against the goals set out in the Budget.

Learn More


Contacts

  • For Media Inquiries only
    Aly Vitunski - Minister's Office
    416-325-9819
    aly.vitunski@nullontario.ca  
  • For Media Inquiries only
    Scott Blodgett - Ministry of Finance
    416-325-0324
    scott.blodgett@nullontario.ca
  • For public inquiries call
    1-800-337-7222
    TTY: 1-800-263-7776

Ministry of Finance
ontario.ca/finance