By Allison Jones
The Canadian Press
Posted October 29, 2026 7:56 am
1 min read
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Ontario Finance Minister Peter Bethlenfalvy is set to provide an update on the province’s finances Thursday by tabling his government’s fall economic statement.
In a recent speech, Bethlenfalvy said Ontario has weathered the impact of tariffs better than economists had predicted, but the slower economy has affected the deficit.
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He says deficits are not desirable in the long term, but are necessary in the current environment.
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.
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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.
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