Ontario finance minister to table Fall Economic Statement

Ontario Finance Minister Peter Bethlenfalvy is expected to give an update Thursday on the province’s finances when he tables the government’s Fall Economic Statement.

Bethlenfalvy says this update will show a “disciplined spending approach” but this year’s deficit is also projected to be higher at $13.8 billion.

In Wednesday’s preannouncement, the province unveiled an $8 billion provincial tax relief measure it says will support 30,000 new jobs.

“It would accelerate investment that would otherwise not happen, so this is additive. It’ll boost our economy, our estimates are by about six billion, the federal estimate is about 22 billion of GDP growth … this brings our marginal effective tax rate in Ontario down to 3.6 per cent,” Bethlenfalvy says.

READ MORE: Ontario matches feds’ tax perk for businesses on capital investments

The finance minister says Thursday’s information will be an update, not a mini budget.

Bethlenfalvy says the province handled tariffs better than expected, but a slower economy has increased the deficit.

He also says deficits are not desirable in the long-term but are necessary in the current climate.

Thursday’s announcement is scheduled for 1 p.m.

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