Ontario to provide fiscal update as tariff fight bites into budget
asserted
fight → provide → budget
Finance Minister Peter Bethlenfalvy warns budget deficits continue because of trade war
Ontario will provide a key economic update Thursday after repeated warnings from the province’s treasurer that its mini-budget will be awash in red ink.
asserted
budget → warn → ink
Finance Minister Peter Bethlenfalvy has been saying for weeks that the ongoing trade war with the United States will contribute to a higher than expected deficit.
asserted
war → say → deficit
Despite that, he’s promised to deliver a "focused, disciplined and responsible approach" to spending.
asserted
he → promise → spending
“I don't like deficits,” Bethlenfalvy said this week at Queen’s Park.
asserted
Bethlenfalvy → like → Park
“But these are the times we're in, and yes, we're going to have deficits for the near-term.”
asserted
we → go → term
Ontario closed out the 2025-26 fiscal year with a $13-billion deficit, and Bethlenfalvy has said this year's is projected to be higher.
asserted
year → close → deficit
The spring budget forecast a $13.8-billion deficit.
asserted
budget → forecast → deficit
In that spending plan, Bethlenfalvy delayed the province's path to balance, projecting it will be in the black in 2028-29.
asserted
it → delay → 2028
He said Ontario has weathered the impacts of American tariffs better than economists had anticipated, but the slower economy is having an impact and leading to deficits as a necessity.
asserted
economy → say → necessity
Province will not layoff workers, Bethlenfalvy says
asserted
Bethlenfalvy → layoff → workers
The finance minister has said the province is putting its ministries and agencies under the microscope to find savings.
asserted
province → say → savings
He said recently that would include “curtailing head counts," but stressed it does not mean the government will be laying off public sector workers.
asserted
government → say → workers
Bethlenfalvy has been tight-lipped about what the economic update will contain in terms of new spending or policy measures.
asserted
update → contain → spending
But on Tuesday, he announced $8 billion in tax relief for businesses in an effort spur investment in the province.
asserted
he → announce → province
“The world has changed, and so ... we'll be laying out the update on where we're at, making sure that we continue to focus on what's right in front of us and what's potentially down around the corner,” he said.
asserted
he → change → corner
NDP Leader Marit Stiles is pictured during a debate between Ontario's major party leaders in Toronto on Feb. 17, 2025.
asserted
Stiles → picture → Feb.
PCs should cut back cabinet spending, Stiles says
Opposition leaders have criticized government spending, questioning the Ford government’s priorities.
asserted
leaders → cut → priorities
NDP Leader Marit Stiles said she’s concerned about the state of the province’s books.
asserted
she → say → books
She challenged Bethlenfalvy to cut back on spending by cabinet ministers, pointing to an expense scandal that dogged the government this summer.
asserted
that → challenge → government
“He calls himself a prudent fiscal manager, and look at the deficit that we have in this province,” she said.
asserted
she → call → province
“It's shameful, but look, if they want to talk about tightening belts, they should start with themselves.”
asserted
they → look → themselves
Interim Liberal Leader John Fraser said the Progressive Conservatives have used the trade war as the rationale for many of the policies since 2025, but have offered little relief for regular Ontarians.
asserted
Conservatives → say → Ontarians
Ford defends health-care record as hospitals say financial 'crisis' is coming
Ontario to table fall fiscal update next week as province continues to weather U.S. tariff impacts
“What you don't see is a real clear plan for what we're going to do, other than we have tariffs,” he said.
asserted
he → defend → tariffs
Green Party Leader Mike Schreiner said the government needs to look at introducing new fiscal policies in the update.
asserted
government → say → update
That includes a tax targeting the province's wealthiest citizens to help fund affordability measures, he said.
asserted
he → include → measures
“This is exactly why we need a wealth tax so we can invest in the things the people of Ontario need without increasing taxes on small businesses, doctors, lawyers, like teachers, nurses, everyday folks,” he said.
asserted
he → need → teachers
“The super rich in this province should pay their fair share.”
asserted
rich → pay → share
The Aporia
