The provincial government has provided a look at its economic future, despite the uncertainty surrounding U.S. tariffs.
Ontario Finance Minister Peter Bethlenfalvy introduced the government's Fall Economic Statement on the floor of the Legislature on Thursday afternoon. He said Ontario is in the best financial position in years.
"Madam Speaker, you show me a map of Ontario, and I'll show you a place where the future is already taking place," said Bethlenfalvy. "This growth came not just from success alone, but from prudent investments."
He pointed out that the government closed out the last fiscal year with a $13.5-billion deficit, a $1.1-billion improvement from the 2025 Budget introduced in the spring.
Bethlenfalvy announced the continued development of the Ontario Tax Action Plan to make the province more attractive to investment and to help create a barrier against the effects of U.S. tariffs.
He added that $100-million will be placed in the Ontario Together Trade Fund to help smaller and mid-sized businesses weather the tariff storm. Manufacturing sectors already affected by tariffs will also be supported by the $5-billion Protecting Ontario Account, which was launched during the summer.
"With tariffs making an already uncertain world even more challenging and unpredictable, our government has set to keep costs down and put more money back in Ontario's pockets," said Bethlenfalvy. "Not only have we never raised a tax on the people and businesses of Ontario, we've in fact cut taxes and cut fees."
Other highlights included a plan to provide a rebate of Ontario's portion of the HST for first-time home buyers of most new homes. That is subject to federal government approval.
About $1.1-billion more will be invested over the next three years in health care. The vast majority of that investment will support the Hospital to Home Program, to relieve pressure on busy emergency departments and free up hospital beds.
The opposition NDP wasted no time responding to the statement. Official Opposition Leader Marit Stiles said the statement did practically nothing to address the challenges facing the province's workers.
"Doug Ford is a jobs disaster, and this Fall Economic Statement fails to deliver for working people," said Stiles. "Ontario’s unemployment is highest in a decade, and our housing starts are at their lowest in a decade. By every measure, this government is failing. Today, the Ford government had the opportunity to deliver real hope, with a real jobs plan, lower costs, and investments to strengthen Ontario. Instead, it only leaves them with more fear and uncertainty."
NDP Finance Critic Jessica Bell added that more needed to be done to address youth unemployment.
"No jobs plan to address the 7.8 per cent unemployment rate and the one in five young people without a job, and they have thrown in the towel on building homes," said Bell.
The Fall Economic Statement may be found on the province's official website.
