Ontario raises 2026-27 deficit forecast to $16.9 billion

CP24 reported that Ontario’s fall economic statement, tabled by Finance Minister Peter Bethlenfalvy, raises the 2026-27 deficit to $16.9 billion from $13.8 billion in March.

Global News reported that much of the rise is a $3.8 billion top-up to the contingency fund, a reserve held against economic uncertainty, which now totals $4.9 billion. Land Transfer Tax revenue is projected at $3.28 billion, $497 million below the budget forecast, because of a sluggish housing market.

Mr Bethlenfalvy blamed US tariffs on steel, autos and manufacturing for higher costs and uncertainty. John Fraser, interim Ontario Liberal leader, said the premier, who leads the Ford government, “can’t keep blaming Trump” and should look at his own choices.

Smaller deficits of $12.7 billion and $6.7 billion follow in the next two fiscal years, then a $200 million surplus in 2029-30. The spring budget had aimed to balance in 2028-29 with a $600 million surplus.

Sources: CP24 · Global News