November 6, 2019 / 8:44 PM / 9 days ago

Canadian province Ontario cuts budget deficit forecast as revenues climb

TORONTO, Nov 6 (Reuters) - The Canadian province of Ontario, the world’s biggest sub-sovereign debtor, said on Wednesday it expects a smaller budget deficit for the current fiscal year than previously anticipated as revenues rose and it cut taxes for small businesses.

Canada’s most populous province forecast a deficit of C$9.0 billion ($6.8 billion) in the 2019-2020 fiscal year, down from C$10.3 billion estimated in April’s budget, a fiscal update from the Progressive Conservative government showed. The fiscal year ends on March 31.

$1 = 1.3180 Canadian dollars Reporting by Fergal Smith Editing by Denny Thomas and Sandra Maler

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