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Ontario deficit grows to $16.9 billion as trade war with U.S. drags on
Finance Minister Peter Bethlenfalvy says U.S. tariffs and higher oil prices have cut expected growth in half and pushed next year’s deficit to $12.7 billion.
- On Thursday, Ontario Finance Minister Peter Bethlenfalvy announced the province's projected deficit has climbed to $16.9 billion this year, forcing the government to delay its path to a balanced budget until 2029-30.
- Officials cited global trade disruptions and U.S. tariffs on steel, auto, and manufacturing sectors as primary drivers, while instability from conflicts near the Strait of Hormuz has further impacted energy prices.
- To manage this volatility, Ontario added $3.8 billion to its contingency fund, which now totals $4.9 billion; officials expect most will be used by year-end to address economic pressures.
- Housing starts will decrease to 64,700 this year, according to the fall economic statement, which projects growth to 71,700 starts in 2028 and 75,400 starts in 2029.
- Bethlenfalvy emphasized the government's support measures, including tax breaks on capital investments and sector-specific funding, stating, "These actions are helping businesses adapt, attract investment, create good-paying jobs and strengthen Ontario's resilience.
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thealbertan.com
thealbertan.comCanadian Press Ontario projects larger deficit at $16.9B, delayed balance
TORONTO — Ontario's finance minister says the province's fiscal outlook has worsened due to global uncertainty and trade disruptions, which will lead to a larger deficit this year and a delayed path to balance.
·Canmore, Canada
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Donald Trump's trade war and tariffs hurt Ontario very much, admits Doug Ford's government in its economic statement.
·Montreal, Canada
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Total News Sources21
Leaning Left15Leaning Right1Center4Last UpdatedBias Distribution75% Left
Bias Distribution
- 75% of the sources lean Left
75% Left
L 75%
C 20%
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