TORONTO — Ontario is delaying a path to balance once more, as one of several shock absorbers meant to ease the province down a potentially bumpy economic road ahead, though it is currently faring better than previously feared in the face of U.S. tariffs.
Finance Minister Peter Bethlenfalvy is for the third year in a row delaying a surplus, now projecting black ink in 2028-29, with an expectation of closing out this fiscal year $12.3 billion in the hole and worsening to $13.8 billion next year.
That nearly $14-billion deficit is a significant jump from the $7.8-billion deficit the 2025 budget eyed for this upcoming year, as Ontario bets big on infrastructure, research and innovation funds, high-growth industries and cutting costs for small business.