TORONTO — Ontario’s finance minister will unveil the province’s budget today, which is not expected to have any tax increases.

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.

Bethlenfalvy has promised a path to balance for several years, though the goalpost for when that is projected to occur continues to lengthen.

Economists have warned against any big-ticket items in order to keep the books looking good for what promises to be another turbulent year ahead.

Bethlenfalvy has already announced some new spending ahead of the budget, including an additional $325 million toward primary care and $1.4 billion to cover the province’s share of the HST for some homebuyers.

This report by The Canadian Press was first published March 26, 2026.

Allison Jones and Liam Casey, The Canadian Press