Ontario set to unveil 2026 budget as global conflicts affect economy

The Ontario budget, to be tabled Thursday afternoon, isn’t expected to have any tax increases.

Finance Minister Peter Bethlenfalvy has signalled the province has to plan for tougher times ahead as the U.S. trade war continues and global conflicts impact Ontario’s economy.

The provincial deficit earlier this year was $13.4 billion and the overall debt in 2025 was $460 billion.

Bethlenfalvy has promised a path to balance for several years, though the goalpost for when that is projected to occur continues to lengthen.

Economists have warned against any big-ticket government spending, because of what’s expected to be another turbulent year.

Bethlenfalvy has already announced some new spending ahead of the budget, including an additional $325 million toward primary care and $1.4 billion to cover the province’s share of the HST for some homebuyers.

With files from The Canadian Press.

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