Province had projected a $12M surplus in the spring
Deteriorating government finances could weigh on sovereign in medium term
Employee compensation increased across Canada, while GDP fell in two territories
Quebec hit hardest, Ontario holding up, B.C. faring worse
Provinces with hard hit sectors, large U.S. exports, most exposed
Several provinces could see return to annual budget surpluses before 2030
The red ink is mainly driven by an expected drop in oil prices, looming U.S. tariffs and a promised tax break for Albertans: minister
Dismantling interprovincial trade barriers should be part of longer-term reform: RBC
Before the prospect of U.S. tariffs, most provinces had been expecting their fiscal situations to improve in 2025
Provinces may have to step up, with Parliament prorogued: Desjardins