Ontario to provide financial update amid tariff impacts

TORONTO — Ontario Finance Minister Peter Bethlenfalvy is set to table a fall fiscal update today, with a look at how the province’s books are faring amid the impacts of U.S. tariffs.

The government projected earlier this year in its first quarter finances that the province would have a $14.6-billion deficit this year.

But Bethlenfalvy also said in a recent speech that Ontario has a “strong fiscal foundation,” with lower costs of interest on debt giving the province more room to spend on infrastructure, tax relief and the skilled workforce.

Bethlenfalvy says the fall economic statement will have an update on what Ontario has been doing to shore up the province’s economy in the face of tariffs, including multi-billion-dollar funds to give businesses supports and tax deferrals.

Bethlenfalvy has already made a few pre-fall economic statement announcements, including an HST rebate for some first-time homebuyers and $1.1 billion for home care.

As well, changes to election rules including scrapping fixed election dates and raising the political donation limit to $5,000 are set to be in the economic statement bill.

This report by The Canadian Press was first published Nov. 6, 2025.

Allison Jones, The Canadian Press