07:46 AM EDT, 05/16/2025 (MT Newswires) -- Ontario's 2025 Budget 2025 largely follows through on previously announced measures meant to buffer the economy through a near-term bout of turbulence, said TD.

Some $1.4 billion in tax relief measures are introduced for this fiscal year, although the scale of potential support to the economy increases considerably when other measures, like WSIB rebates and the six-month deferral of business taxes are considered, noted the bank.

Revenues in Canada's wealthiest province are expected to decline this year amid a weak economy, and the deficit is forecast to climb to $14.5 billion. This represents 1.2% of gross domestic product -- around the midpoint of what other Canadian provinces are expecting.

Ontario's elevated net debt-to-GDP ratio is forecast to edge higher over the medium term, due in large part to a further ramp-up in its capital spending plan, stated TD. This could heighten fiscal vulnerabilities in the event of a deeper-than-expected downturn.