The Ford government will table its budget on Thursday, May 15.
Minister of Finance Peter Bethlenfalvy made the announcement in the legislature on Thursday, saying it will be a plan that helps Ontario build more, build faster and achieve free trade across Canada.
The fiscal plan comes at a time when the province faces economic headwinds due to U.S. President Donald Trump’s tariffs, which Ontario’s budget watchdog says could sharply affect the province’s GDP and job market.
Bethlenfalvy says he is focused on economic prosperity and giving workers more tools so Ontario can boost productivity.
“I think every budget has to look at various scenarios, but we’re in an uncertain time, so I’m not going to speculate what’s around the corner,” Bethlenfalvy told reporters outside the legislature. “What I will say is I feel confident about Ontario’s ability to compete in an open market with our U.S. counterparts. …I know we’ll get through these bumps and we’ll come out stronger together.”
Ontario’s last major fiscal update, the fall economic statement, had projected a relatively small $1.5-billion deficit for 2025-26 and eyed a balanced budget for 2026-27, but that came before the election of Trump and the implementation of tariffs.
Bethlenfalvy would not confirm if the tariff threat has forced him to adjust those projections.
“It’s important that we have to deal with what’s in front of us right now. We have uncertainty as a result of the Trump tariffs, and so our plan will continue the fall economic statement plan, which is to fortify our economy, support our workers.”
