Ontario’s Finance Minister, Peter Bethlenfalvy, has identified infrastructure spending and safeguarding jobs from U.S. tariffs as key areas where the federal budget may be lacking. These priorities hint at what could be expected in the upcoming fall economic statement, often considered a condensed version of the budget, which Bethlenfalvy plans to present on Thursday.
In a recent financial update covering the first quarter of 2025-26, the government anticipates a deficit of $14.6 billion for the current year. However, Bethlenfalvy highlighted the positive news that the province closed out the previous year with a deficit of just $1.1 billion, a significant improvement from the initially projected $9.8 billion shortfall.
Moreover, the Finance Minister pointed out that Ontario’s debt-to-GDP ratio is at its lowest in ten years, with decreasing costs associated with servicing the province’s debt, indicating a potential improvement in the financial outlook.
Leading up to the fall economic statement, Bethlenfalvy has already announced some measures, such as an HST rebate for select first-time homebuyers and a funding allocation of $1.1 billion towards home care services.