Canadian Press NewsAlert: Ontario projects larger deficit at $16.9B, delayed balance
Written by The Canadian Press on October 29, 2026
TORONTO — Ontario’s finance minister says the province’s fiscal outlook has worsened due to global uncertainty and trade disruptions, which will lead to a larger deficit this year and a delayed path to balance.
Peter Bethlenfalvy’s spring budget had projected a $13.8-billion deficit this year, but his fall economic statement today says there will be $16.9 billion in red ink this year.
The province had also expected a balanced budget in 2028-29, but Bethlenfalvy now says that won’t happen until 2029-30.
This marks the fourth time since 2024 that Premier Doug Ford’s government has pushed its plans to balance the books by a year.
Officials say that ongoing economic uncertainty and the impacts of U.S. tariffs and trade disruptions have led to the province’s fiscal outlook deteriorating.
Previously announced measures in the fall economic statement include matching the federal government’s recent move to give businesses a tax break on capital investments, and billions of dollars in funding for tariff-hit sectors such as steel and autos.
This report by The Canadian Press was first published Oct. 29, 2026.
Allison Jones and Liam Casey, The Canadian Press