Ontario has new path to budget balance, Ford signals amid need for tariff relief
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Hey there, time traveller!
This article was published 06/05/2025 (325 days ago), so information in it may no longer be current.
TORONTO – Ontario Premier Doug Ford is signalling that his government’s upcoming budget may not be balanced, as the province needs to support people in the face of U.S. President Donald Trump’s tariffs.
Ford announced today that in the Ontario budget to be tabled May 15, the province will be adding nearly $1 billion over three years to the Skills Development Fund, which supports hiring, training and upskilling programs.
Ford says the Trump-caused economic uncertainties are already having a direct impact on Ontario and its workers, and he will “not spare a penny” to protect workers, families and communities.
In the middle of remarks at a skills competition today, Ford gave a nod to Finance Minister Peter Bethlenfalvy, saying the minister “really watches the dollars” and has warned that the premier’s plans will throw off the government’s path to balance.
The province’s last major fiscal update, the fall economic statement, had eyed a balanced budget for 2026-27, but that came before the election of Trump and the implementation of tariffs.
Ford now suggests he still has a path to balance, but it might be a bit different.
“We have two choices, right, either start cutting infrastructure and everything else, or you hang in there for a year or two, and we balance,” he said.
“We’ll make up the difference in the next couple years, but it’s about today, right now, how are we going to support these families? So again, Peter, thank you for being understanding and making sure the people of Ontario will always be taken care of.”
Bethlenfalvy announced Monday that the budget will include expanding the Ontario Made Manufacturing Investment Tax Credit, which he said would be a significant tool for businesses as they look for ways to keep workers on the job.
Ontario has also announced that businesses will see select provincial taxes deferred for six months, giving them about $9 billion worth of relief amid U.S. tariffs.
This report by The Canadian Press was first published May 6, 2025.