Ontario’s fall fiscal update to be announced on Oct. 29

Finance Minister says plan is to continue “focused, disciplined and responsible approach” to spending

Published Oct 22, 2026  •  Last updated 16 minutes ago  •  1 minute read

Ontario Minister of Finance, Peter Bethlenfalvy speaks with the media prior to Premier Doug Ford’s special address on the next chapter of Ontario’s plan for economic growth at the Toronto Region Board of Trade’s Annual Policy Priorities-Setting Session in Toronto, Ontario on Thursday, September 10, 2026. (Peter Power/Postmedia News)

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Ontarians will get a peek at the province’s financials next week when Doug Ford’s government tables its fall fiscal update.

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Ontario Finance Minister Peter Bethlenfalvy told the Canadian Club in a speech on Thursday morning that he’ll table the government’s fall economic statement on Oct. 29, according to the Globe and Mail.

Bethlenfalvy told those gathered the document will provide an update on the province’s finances and outline the next phase of his plan.

The only detail was an emphasis on a continued conservative approach to spending

He didn’t release any other information other than to say the provincial government will continue with a “focused, disciplined and responsible approach” to spending, reported CP.

The Finance Minister did say Ontario has done better in surviving the impact of American tariffs on steel, auto and manufacturing than most economists thought it would, but the slower economy, also strained by rising energy prices due to the war in Iran, means deficits are a necessity.

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He gave, as an example, the $30-billion that province has already pledged to support workers and businesses impacted by the trade war with the U.S. and mentioned Wednesday’s joint federal-provincial announcement of support of $9-billion for steel, auto and mining industries.

Province’s last fiscal year had a $13-billion deficit

Bethlenfalvy also ruled out raising taxes or cutting health care as ways of balancing the books.

The end of the 2025-26 fiscal year saw Ontario with a $13-billion deficit and Bethlenfalvy said this year’s is projected to be even higher, aligning with the spring budget forecast of $13.8 billion.

In the 2026 budget, the finance minister said the province’s path to balance would be delayed, projecting it will be in the black in 2028-29.

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