Politics · Canada · 1 hr ago
Ontario to release fiscal update as U.S. trade war pushes up deficit
Ontario Finance Minister Peter Bethlenfalvy is presenting a fiscal update at Queen’s Park in Toronto on Thursday.
He has warned that the U.S. trade war is adding to the deficit as tariffs weigh on the province’s economy.
Ontario ended the 2025-26 fiscal year with a $13-billion deficit, and Bethlenfalvy says this year’s deficit is expected to be higher.
The spring budget forecast a $13.8-billion deficit and projected the province would return to a surplus in 2028-29.
Bethlenfalvy says the government will take a focused approach to spending and is reviewing ministries and agencies for savings, while saying it will not lay off public-sector workers.
He has not said what new spending or policy measures the update will include, but recently announced $8 billion in business tax relief to encourage investment.
Opposition leaders have criticized the government’s spending priorities, and the update will provide a new picture of the province’s finances.
Ontario Finance Minister Peter Bethlenfalvy is set to present a fiscal update at Queen’s Park on Thursday.
He has warned that the ongoing trade war with the United States will contribute to a higher-than-expected deficit.
Ontario recorded a $13-billion deficit in the 2025-26 fiscal year, and Bethlenfalvy has said this year’s deficit is projected to be higher.
The spring budget forecast a $13.8-billion deficit and projected the province would return to surplus in 2028-29.
Opposition leaders have criticized the government’s spending priorities and called for cuts to cabinet spending.
- Who
- Ontario Finance Minister Peter Bethlenfalvy.
- What
- He is set to present the province’s fall fiscal update.
- When
- Thursday, Oct. 29, 2026.
- Where
- Queen’s Park in Toronto.
- Why
- The update comes as the province faces deficits, which Bethlenfalvy has linked in part to the U.S. trade war and a slower economy.
Ontario government
Ontario opposition leaders
Deficit outlook
Ontario government
Bethlenfalvy says the trade war and slower economic growth are contributing to deficits.
Ontario opposition leaders
NDP Leader Marit Stiles has criticized the size of the deficit and the government’s spending priorities.
Spending
Ontario government
Bethlenfalvy says the government is seeking savings and has promised a “focused, disciplined and responsible approach” to spending.
Ontario opposition leaders
Stiles says cabinet ministers should cut their spending; Liberal Leader John Fraser says the government has offered little relief for regular Ontarians.
Bethlenfalvy tabled the provincial budget at Queen’s Park.
Bethlenfalvy announced $8 billion in tax relief for businesses to spur investment.
Ontario is set to provide its fall fiscal update at Queen’s Park.
- Finance minister
- Peter Bethlenfalvy
- Location
- Queen’s Park, Toronto
- 2025-26 fiscal-year deficit
- $13 billion
- Spring budget forecast deficit
- $13.8 billion
- Projected return to surplus
- 2028-29
- Business tax relief announced
- $8 billion
4 sources
What people are saying
I don't like deficits
But these are the times we're in, and yes, we're going to have deficits for the near-term.
The world has changed, and so ... we'll be laying out the update on where we're at, making sure that we continue to focus on what's right in front of us and what's potentially down around the corner
It's shameful, but look, if they want to talk about tightening belts, they should start with themselves.