Ontario Deficit Soars Due to Tariffs

What happened

The outlets' own sentences, most widely reported first. Hover or tap one to see who reported it.

Analysis

How it changed

1. 29 Oct

   Ontario closed out the 2025-26 fiscal year with a $13-billion deficit, and Bethlenfalvy has said this year's is projected to be higher.

   3 outlets · CBC

Coverage 7 articles

• 30 Oct Randall Denley: Ontario can’t afford to keep helping pay for everyone’s hydro billRandall Denley critiques Ontario’s financial strategy in dealing with high hydro bills. Finance Minister Peter Bethlenfalvy announced a fall fiscal update projecting higher deficits for this year and next, pushing back the expected budget balance date. Despite this, the government has only taken minor steps towards rationalizing power bill subsidies, which cost $6.9 billion last year. Denley argues that current…National Post
• 29 Oct Trump's trade war ballooned Ontario's deficit. Doug Ford's irresponsibility made it a recordOntario's Finance Minister Peter Bethlenfalvy presented a Fall Economic Statement that updates his March budget predictions, revealing a significant economic downturn due to the trade war with America. Ontario’s GDP growth is now forecasted at 0.5% for 2026, down from an earlier prediction of 1%, while the U.S. economy is expected to grow by 2.1%. Housing starts in Ontario have also been revised downward to 65,100…Toronto Star
• 29 Oct Scott Stinson: Ontario deficit to soar to $16.9B as Trump’s tariffs strangle growthScott Stinson critiques the Ontario government's Fall Economic Statement, revealing a significant increase in deficits due to Donald Trump's tariffs and unpredictable policies. The deficit for 2026-27 is forecasted at $16.9 billion, up from $13.8 billion predicted in March, with further worsening projected through 2027-28 and beyond. Stinson attributes this economic downturn to the impact of tariffs on Ontario's…National Post
• 29 Oct Ontario projects bigger deficit, citing U.S. tariffs and higher oil pricesOntario's Finance Minister Peter Bethlenfalvy projected the province's deficit for the current fiscal year to be $16.9 billion, an increase from the March budget prediction of $13.8 billion. This rise is attributed to U.S. tariffs and higher oil prices, which have reduced Ontario’s economic growth projections by half. The statement also forecasts a potential $12.7-billion deficit for next year, more than double the…The Globe and Mail
• 29 Oct Ontario finance minister to table fall economic updateOntario Finance Minister Peter Bethlenfalvy will present Ontario’s fall economic statement on Thursday, addressing the province's current financial situation. The 2025-26 fiscal year ended with a $13-billion deficit, projected to rise this year as per earlier forecasts. Bethlenfalvy acknowledges that while deficits are undesirable in the long term, they remain necessary given the current economic climate and…Global News
• 29 Oct Ontario to provide fiscal update as tariff fight bites into budgetOntario Finance Minister Peter Bethlenfalvy will provide a fiscal update amidst warnings that budget deficits are increasing due to the trade war with the United States. The province closed the previous fiscal year with a $13-billion deficit, and the current one is projected to be higher. Despite facing economic challenges, Bethlenfalvy promises a disciplined approach but has not ruled out new spending or policy…CBC
• 29 Oct Ontario finance minister to table fall economic updateOntario Finance Minister Peter Bethlenfalvy will present the province's fall economic update today. He indicated in a previous address that Ontario’s performance during tariff impacts was more resilient than anticipated by economists, though the slowing economy is contributing to an increased budget deficit.Toronto Star

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