Ontario budget to be tabled March 26

Minister of Finance Peter Bethlenfalvy receives a standing ovation from party members as he rises to table the Ontario provincial budget at the legislature at Queen's Park in Toronto on Tuesday, March 26, 2024. THE CANADIAN PRESS/Nathan Denette

The Ontario government will table its latest budget on March 26, Finance Minister Peter Bethlenfalvy said Tuesday.

Bethlenfalvy unveiled the date in a speech to the Empire Club of Canada in which he laid out some of the themes that will shape the government’s plan.

“The choice ahead is clear. We will protect our economy, strengthen competitiveness and invest in the sectors that define the future, from AI and advanced manufacturing to clean energy, life sciences, critical minerals and beyond,” Bethlenfalvy said.

MPPs have been on break from the legislature since December and are set to return to Queen’s Park on March 23.

The budget will be the second one the government has tabled since winning a third mandate in a winter election last year that was defined by U.S. tariff threats.

The trade war initiated by U.S. President Donald Trump has continued to shape a difficult economic reality for the province, with sluggish GDP projected.

According to Ontario’s Financial Accountability Office (FAO), Ontario’s real GDP growth slowed to an estimated 1.3 per cent in 2025, down from 1.6 per cent in 2024, because of contraction in exports and business investment as a result of the tariffs.

The FAO has projected little change in the economic growth outlook for the province in 2026.

In his fall economic update in November, Bethlenfalvy said a deficit of $14.6 billion projected in last year’s budget had shrunk to a projected $13.5 billion.

He said Tuesday the deficit has now fallen slightly more to $$13.4 billion, and also touted two credit rating upgrades.

“These are not end points in themselves,” Bethlenfalvy said. “They can be seen as signals that we have fiscal discipline, and fiscal discipline protects our capacity to invest where it counts and navigate uncertainty.”

He said the plan will be “prudent” and “balanced” and will not raise taxes.

“Our plan is working. It is cautious where it needs it must be, and ambitious where it should be,” Bethlenfalvy said. “It protects people and services today, ensuring government programs are delivered efficiently and sustainably.”

Premier Doug Ford promised Tuesday the budget will not include any cuts to health care.

However some recent announcements about education will likely be reflected.

The province recently announced an additional $6.4 billion for colleges and universities over four years, while simultaneously saying they would lift a tuition freeze and shift most student assistance through OSAP from grants to loans.

Students groups have protested the move, saying it will make education more inaccessible to some. The province has said those most in need who qualify will receive assistance to lighten the burden of the changes.

In a response to Bethlenfalvy’s speech, Ontario Liberal finance critic Stephanie Bowman said she heard little in the speech to give hope to those concerned about affordability, including students, those out of work and those struggling with a mortgage.

“For too many, affordability is the top concern and yet the word ‘affordability’ was noticeably absent from his remarks,” Bowman wrote in a statement.