Ontario’s fall fiscal update set for Nov. 6 as tariff impacts continue

Ontario’s finance minister is set to table the province’s fall economic statement on Nov. 6.

Finance Minister Peter Bethlenfalvy says the fiscal update will be a plan to make the province’s economy competitive and protect jobs.

The economic statement serves as a mini budget and often contains funding and updates on economic growth.

In another recent financial update, the 2025-26 first quarter finances, the government projected a $14.6-billion deficit this year.

A report last month by Ontario’s financial accountability officer projected that real GDP growth in the province will be 0.9 per cent this year and one per cent next year, as U.S. tariffs “reduce demand for Ontario’s exports, and businesses cut back on investment and hiring.”

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Based on that economic outlook and the government’s current policies and plans, Jeffrey Novak projects the province won’t balance the books, but Bethlenfalvy’s office has said the province still plans to eliminate the deficit in 2027-28.