Ontario finance minister set to table fall fiscal update

Finance Minister Peter Bethlenfalvy says U.S. tariffs are taking direct aim at Ontario businesses — and the province is ready to fight back.

Today’s 2025 Ontario Economic Outlook and Fiscal Review from the Ford government is expected to offer clarity on what the province has been doing to shore up the province’s economy in the meantime.

Bethlenfalvy addressed reporters Wednesday, but didn’t give any major details away.

The fall update is widely seen as a “mini budget” and sets expectations for the next fiscal quarter.

READ MORE: Federal budget includes more than $90B in spending

The Ford government had projected earlier this year the province would have a $14.6-billion deficit for 2025 — but the finance minister is expecting Ontario’s books to bounce back by 2027 or 2028, despite the economy feeling the effects of tariffs.

Ontario NDP Leader Marit Stiles said yesterday she wants to see a plan to help the thousands of workers facing job uncertainty.

The party posted a statement today, asking the Ford government to prioritize investment in social infrastructure and expanding support for local manufacturers.

Bethlenfalvy was critical of the federal budget tabled earlier this week — saying it lacked some ambition — particularly when it came to infrastructure spending and insulating workers from the impacts of tariffs.

The statement is set to be presented at approximately 1 p.m.

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