TorontoOntario’s finance minister is set to deliver a key fiscal update today, pledging to keep the province on a path to balance in two years despite the ongoing trade war with the U.S.Finance minister pledges to keep Ontario on path to balance books in 2 yearsShawn Jeffords · CBC News · Posted: Nov 06, 2025 5:00 AM EST | Last Updated: 3 hours agoListen to this articleEstimated 4 minutesOntario Finance Minister Peter Bethlenfalvy and other legislators including Premier Doug Ford react in the legislative chamber after tabling the provincial budget at Queen’s Park on May 15, 2025. (Evan Mitsui/CBC)Ontario’s finance minister is set to deliver a key fiscal update today, pledging to keep the province on a path to balance despite the ongoing trade war with the U.S.Peter Bethlenfalvy made the pledge earlier this week to a business audience in Toronto as he laid the foundation for the fall economic statement. The minister said the document will show Ontario’s books will be in the black by 2027-2028, which was projected in his spring budget. The minister said he intends to hit that target even though the economy is feeling the effects of the U.S. President Donald Trump’s tariffs.“You know, while people have been desensitized to debts and deficits, I think they still really matter,” Bethlenfalvy said. ”And we have an obligation not just to think about, as (former prime minister) Brian Muloney said, the next 10 days, but think about the next 10 years.”Ontario finished the last fiscal year with a deficit of just over a billion dollars, but is projecting a $14.5-billion shortfall in this year’s budget. It’s not clear if that target will have changed in the economic statement because of tariffs. Ontario on track to balance books in 2027-2028: ministerBut Bethlenfalvy said he remains committed to balancing by the 2027-2028 fiscal year.“Don’t underestimate our drive to provide a balanced fiscal plan for Ontarians, because it allows you then to do all these other things responsibly,” he said.Ontario Finance Minister Peter Bethlenfalvy tables the provincial budget, at Queen’s Park, in Toronto, on May 15, 2025. (Evan Mitsui/CBC)Bethlenfalvy has already announced one new measure that will add costs to the provincial treasury, agreeing to match a federal to cut HST on new home purchases for first-time homebuyers. The full scope of those costs will be detailed in the plan, the government has said.It’s all meant to spur more home construction in the province at at time when the market has stalled. But overall, Bethlenfalvy said Ontarians should expect the emphasis of the economic update to be on the province’s tariff response, which includes a previously announced $5-billion fund to help businesses impacted by the fees. “Here in Canada, we have more than enough firepower to take matters into our own hands and grow our economy independently of us tariff pressures,” he said.Ontario needs jobs plan, Stiles saysOn Wednesday, NDP Leader Marit Stiles said she wants to see a plan to help the thousands of employed workers struggling because of the trade war. So far, the government’s plans haven’t been good enough, she said.“We’ve been looking for a jobs plan from this government, and I think that’s what working people are going to be looking for as well,” she said. “A strategy to save jobs now, not pie-in-the-sky vanity projects that may never deliver jobs in the next few decades.”Leader of the Opposition Marit Stiles leaves the chamber after the Ford government tabled the provincial budget, at Queen’s Park, in Toronto, on May 15, 2025. (Evan Mitsui/CBC)Liberal finance critic Stephanie Bowman said the province needs to propose concrete measures to fight unemployment and create jobs.”We want to see jobs,” she said. “Young people, 17.8 per cent of them, are unemployed in this province. That’s the highest in Canada.” The CEO of the Ontario Chamber of Commerce said the province’s business community is closely watching the update. Daniel Tisch said he’s hopeful that Ontario will create tax incentives to make it easier for businesses to invest in productivity and help small and medium-sized firms to go digital.But bread and butter spending on core provincial services is also key, he added.“We want to see investment in housing and health care, because those continue to be fundamental priorities for the business community,” Tisch said. “That enables businesses to hire workers who have a place to live and have good health care in their communities.”The Canadian Federation of Independent Business said it hoped to see tax cuts for small businesses in the provincial plan. The group’s director of provincial affairs for Ontario, Julie Kwiecinski, said moving the tax rate from the current 3.2 per cent to two per cent could help ease some of the effects of tariffs.“I know the government might say, ‘Well, that’s going to be a hit on our revenue,’” she said. “We don’t see it that way. We see it as an investment in Ontario small businesses, because they’re going to turn around and pay their employees more and grow their operations.”ABOUT THE AUTHORShawn Jeffords is CBC Toronto’s Municipal Affairs Reporter, but is currently covering the Ontario Legislature. He has previously covered Queen’s Park for The Canadian Press. You can reach him by emailing shawn.jeffords@cbc.ca.
Ontario delivers its fall economic statement today. Here’s what to expect
