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Ontario government releases 2026-27 First Quarter Finances
The Ontario government has released the 2026–27 First Quarter Finances, providing updated information on the province’s finances while keeping costs down for families, despite ongoing economic uncertainty.
This is the first update on Ontario’s economic and fiscal outlook since the release of the 2026 Ontario Budget: A Plan to Protect Ontario.
“Our government’s prudent and responsible management of Ontario’s finances has enabled us to navigate economic uncertainty and make strategic investments that strengthen our economy and communities, while cutting taxes,” says Minister of Finance Peter Bethlenfalvy.
“Our plan will continue to protect Ontario’s workers, businesses and jobs from the impacts of U.S. tariffs while building a more resilient and self-reliant economy for decades to come.”
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Despite lowered private-sector growth forecasts for Ontario due to global economic uncertainty, the government’s fiscal outlook remains largely unchanged.
Friday’s report states that revenue is expected to improve to $232 billion, $0.1 billion higher than expected in the 2026 Budget.
Meanwhile, Ontario’s net debt-to-GDP ratio is projected to remain unchanged at 37.7 per cent.
Program expense is expected to be around $227.1 billion, increasing by $0.1 billion from the 2026 Budget and the deficit projection remains at $13.8 billion.
Later this year, the government will provide its next update as part of the 2026 Ontario Economic Outlook and Fiscal Review.
