AdobeStock/tanonte AI generatedUnder pressure from the U.S. trade war and a slowing economy, Canada’s provinces are all expected to run fiscal deficits this year — but a Conference Board of Canada report predicts those deficits will narrow in the coming years. “And these are … major drivers of provincial revenues.”Demographic dragAlso hampering provincial revenues is a slowdown in population growth as Ottawa tamps down on the flow of immigration. Forbes said that with the federal government’s new immigration caps, population growth is likely to hit a wall in the coming years. Prince Edward Island, meanwhile, is experiencing the strongest population growth of any province in recent years. Spending slowdownAt the tail end of the provinces’ planning horizons, the Conference Board report sees governments reining in spending, which is expected to narrow those deficits by the end of the decade.