Ontario's deficit projection is shrinking in its fall fiscal update, but so are the province's expectations for the labour market as U.S. tariffs are expected to continue hitting the economy.
The government projected in its spring budget that this year's deficit would be $14.6 billion, but Ontario now expects to end the year $13.5 billion in the red.
Finance Minister Peter Bethlenfalvy's fall economic statement tabled Thursday still has the province planning to balance the books in 2027-28 — the same year an official said the net debt would top half a trillion dollars.