Ontario Finance Minister Releases Fall Economic Update

Ontario’s fall fiscal update reveals a reduced deficit projection of $13.5 billion, down from $14.6 billion, amid expectations of a softening labor market due to ongoing U.S. tariffs. Finance Minister Peter Bethlenfalvy affirmed the province’s plan to balance the budget by 2027-28 while noting GDP growth is expected to slow to 0.8-0.9% this year and unemployment to rise to 7.8%. The update includes enhancements to a manufacturing investment tax credit and plans for pension reforms and standardized rideshare guidelines.

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