Ontario to table fall fiscal update next week with ‘disciplined’ spending approach

TORONTO — Ontario’s finance minister says he will table his government’s fall economic statement next week, on Oct. 29.

Peter Bethlenfalvy announced in a breakfast speech to the Canadian Club today that the document will provide an update on the province’s finances and outline the next phase of his plan.

He did not divulge any details, but says it will continue with a “focused, disciplined and responsible approach” to spending.

Ontario closed out the 2025-26 fiscal year with a $13-billion deficit, and Bethlenfalvy says today that this year’s is projected to be higher, which would be in line with the spring budget forecast of $13.8 billion.

Bethlenfalvy in the 2026 budget delayed the province’s path to balance, projecting it will be in the black in 2028-29.

He says today that Ontario has weathered the impacts of American tariffs better than economists had thought, but the slower economy is having an impact and leading to deficits as a necessity.

This report by The Canadian Press was first published Oct. 22, 2026.

Allison Jones, The Canadian Press