Ontario's finance minister will unveil the province's budget today, which is not expected to have any tax increases.
Still, Peter Bethlenfalvy has signalled Ontarians must plan for tougher times ahead as U.S. President Donald Trump's trade war continues and global conflicts push strong headwinds against Ontario's economy.
Ontario's deficit earlier this year stood at $13.4 billion and its overall debt as of 2025 was $460 billion, though the net-debt-to-GDP ratio continues to improve under Bethlenfalvy's watch.