Ontario's finance minister warns of more deficits ahead of the fall update

Ontario

Finance Minister Peter Bethlenfalvy says he will release Ontario's fall economic update next Thursday, Oct 29.

Ontario has weathered the impact of tariffs better than economists had thought, but the slower economy has impacted our deficit, which was $13-billion last year and is predicted to be higher this year.

— Peter Bethlenfalvy, Ontario finance minister

The province had projected a $13.8 billion deficit for 2026-27, and its last plan showed a small surplus only by 2028-29. Bethlenfalvy ruled out raising taxes or cutting health care to balance the books.

And us?

Why it matters

He pointed to the $30 billion Ontario has pledged to businesses and workers hit by U.S. tariffs, and to $9 billion in joint support for steel, autos and mining announced Wednesday with Prime Minister Mark Carney.

In tax breaks over five years, at least

12 billion $

Ontario plans more than $8 billion in new relief on business capital investments, which with earlier accelerated write-offs adds up to more than $12 billion in tax breaks over five years.