Ontario's 2026 budget sees deficit hit $13.8B amid looming global instability
CBC
The spectre of worldwide instability looms large in Ontario's 2026 budget, which includes a small business income tax cut alongside a temporary reprieve on HST for buyers of new homes — but also pushes back a balanced budget for yet another year with a higher-than projected deficit.
The $244-billion spending plan is replete with phrases like "uncertainty" and "heightened trade tensions," and includes an increase in reserve spending from $1.5 billion in 2026-27 to $2.5 billion in 2028-29.
Doug Ford's government is still spending, but also appears to be putting money aside in the event of more economic bad news for the province.
"Ontario is navigating economic challenges with a pragmatic and prudent fiscal plan," Finance Minister Peter Bethlenfalvy said in a statement.
"To help the province navigate these times and come out stronger, we are investing in strategic priorities such as energy, critical minerals, key infrastructure and critical technologies that will make our economy stronger, while cutting red tape and creating the conditions for businesses to grow, supporting workers and strengthening Ontario's economy."
Last year, the province projected a balanced budget in 2027-28. Officials now project a deficit of $13.8 billion this year and $6.1 billion the year after, pushing the possibility of running a small surplus to 2028-29.
Ontario's debt levels are at $485 billion for 2026-2027, up from $337 billion when Ford was elected premier — though that also comes after years of global upheaval in part due to the COVID-19 pandemic.
Debt servicing costs for Ontario are now $17.2 billion, which is more than the province is spending this year on post-secondary education. The provincial government is defending its spending, saying it is financing tens of billions of dollars in infrastructure projects.
Opposition leaders slammed the budget while speaking with reporters at Queen's Park Thursday. NDP Leader Marit Stiles said it should have been an opportunity for Ford to choose a "more affordable future" for the province.
"What we heard instead was stale announcements, more cuts and a missed opportunity to deliver better for the people of Ontario," Stiles said. "It's simple. Ontarians want to know that their government is going to lower their rent and their grocery costs, that they're going to fix our health-care and education systems, build homes that they can afford, spend their money responsibly.
“None of that was in the 2026 budget."
Liberal Parliamentary Leader John Fraser called it a budget from a government that's out of ideas after eight years in power.
"There are no new measures in this budget that are going to help families with affordability and their daily costs," Fraser said.
"Doug Ford and this government are tired and adrift."
In 1989, Wanda Kagan began her career as an administrative officer for the CIUSSS du Centre-Ouest-de-l'Île-de-Montréal — a regional health authority in Quebec's biggest city.
After years living as refugees — hiding their Christian faith, unable to legally work and confined to a small Turkish town — Leyla Shahsavar says their uncle and his family were given a glimmer of hope like no other before to build a new life, in Winnipeg.
Enough money was found in Saskatchewan's tight provincial budget to build a new school in Premier Scott Moe's constituency and hometown of Shellbrook.
Multiple types of milk are being recalled due to the possible presence of glass in the products.
Duane Elverum looks around Kitsilano’s Heritage Harbour — a quiet marina in the heart of the city for around 15 small boats that are still in use, including his 1960 ship Querencia — and a popular phrase comes to mind.
Samantha Westlands was visiting Winnipeg in 2023 as a Grade 11 student when she heard about a new program called Youth-to-Youth (Y2Y).
Enbridge has agreed to funnel money to U.S. law enforcement in anticipation of protests against its Line 5 pipeline reroute project, a move that has raised concerns about the depth of the company's influence in policing issues.
After receiving an overwhelming amount of public feedback, Thunder Bay, Ont., city staff have delayed their report to council on designated encampment sites.
If you live in Waterloo, Woolwich Township and Wellesley Township and your hydro bill is more expensive than usual, you're not alone.
The P.E.I. government committed to do a review of the Island Regulatory and Appeals Commission, but the Green Party says it's a process that likely won't get finished before the next provincial election.
The Trans Mountain oil pipeline system is expected to operate at full capacity in April and into May as a result of energy disruptions caused by the war in the Middle East.
At Dr. David Macklin's weight management practice in Toronto, the name Ozempic is mentioned almost daily in appointments. But recently, another word is coming up just as often — generics.
Premier Doug Ford's government tables its eighth budget Thursday, as Ontario's economy faces global economic volatility and heightened levels of unemployment at home.