Toronto Catholic “is at risk of default in the coming years” after tripling its deficit, compared with the prior school year, the announcement reads. Meanwhile, Ottawa-Carleton “depleted its reserves, incurred an accumulated deficit,” the government wrote, noting that the board plans to offset the deficit “from asset sales to balance its books.” Dufferin-Peel Catholic District School Board, meanwhile, is “at the brink of bankruptcy,” Calandra said.