Ontario’s debt will balloon to $350 billion in five years, financial accountability officer warns

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Ontario financial accountability officer Stephen LeClair also warns the accumulated deficits and the Liberals' "large infrastructure plans" will add $54 billion over the next five years to the province's net debt, which he says will hit $350 billion.

TORONTO — Ontario’s financial accountability officer says it’s possible the Liberal government can keep its promise to balance the books by 2017-18, but only if the economy grows at a stronger pace than in the past five years.

And even if they do get to balance on schedule, Stephen LeClair predicts the province will quickly be plunged back into annual budget deficits.

LeClair also warns the accumulated deficits and the Liberals’ “large infrastructure plans” will add $54 billion over the next five years to the province’s net debt, which he says will hit $350 billion.

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