Ontario says 2012-13 budget deficit smaller than forecast

TORONTO Tue Jan 22, 2013 12:21pm EST

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TORONTO Jan 22 (Reuters) - Ontario's minority Liberal government said on Tuesday it is reducing its budget deficit faster than projected, crediting higher corporate tax revenues and savings from the elimination of banked sick days for teachers.

The province's 2012-13 deficit is now expected to be C$11.9 billion ($11.98 billion), down from C$14.4 billion seen in the fall economic update. The government said its plan to balance the budget by 2017-18 is unchanged.

"Ontario continues to beat its deficit targets - a direct result of managing expenses," Finance Minister Dwight Duncan said in a statement.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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