Ontario finance minister to table fall economic update
In a recent speech, Ontario Finance Minister Peter Bethlenfalvy said Ontario has weathered the impact of tariffs better than economists had predicted, but the slower economy has affected the deficit.
He says deficits are not desirable in the long term, but are necessary in the current environment.
READ: Carney, Ford unveil $9B plan to support industries hit by tariff war
Ontario closed out the 2025-26 fiscal year with a $13-billion deficit, and Bethlenfalvy says that this year's is projected to be higher, which would be in line with the spring budget forecast of $13.8 billion.
He said Wednesday in a pre-economic statement announcement that Ontario is matching the federal government's recent move to give businesses a tax break on capital investments.
Premier Doug Ford also recently announced more than $8 billion in joint funding to protect tariff-hit industries, including provincial funding of $1.67 billion for a steel action fund and $1 billion for the automotive industry.
