Continuing to protect Ontario and Brantford-Brant by delivering on the province’s plan to build a more competitive, resilient and self-reliant economy
News Novemeber 6, 2025
TORONTO – Today, Minister of Finance Peter Bethlenfalvy released the 2025 Ontario Economic Outlook and Fiscal Review: A Plan to Protect Ontario. The government continues to build a competitive, resilient, and self-reliant economy that will protect the people of Ontario from U.S. tariffs. In this critical time, the Ontario government is cutting red tape, unleashing the economy, investing in infrastructure, supporting workers, improving services, and making life more affordable across the province. These measures will make Ontario the most attractive and competitive place to invest in the entire G7. This strategy is the best way to protect Ontario from anything that comes our way in these uncertain times for decades to come – not just tariffs.
“With tariffs taking direct aim at Ontario workers and communities, it has never been more important for the government to deliver on its plan to protect Ontario. We continue to make historic investments in highways, transit, health care, and all the other services our communities rely on, so we can build for our growing province. We are doing this all while keeping costs down for families and helping to unleash Ontario’s full economic potential,” said Minister Bethlenfalvy. “We are able to take unprecedented steps to protect Ontario thanks to our commitment to fiscal prudence, which has put Ontario’s finances in the strongest position they have been in over a decade.”
“I am pleased to be part of a government that is committed to protect Ontario, now and in the future,” said MPP Will Bouma. “Brantford-Brant is especially vulnerable to tariffs from the United States, and this Plan to Protect Ontario will ensure that both our community, and the province, are in the best possible position to outlast these tariffs and navigate global economic uncertainty for years to come.”
Thanks to prudent fiscal management, Ontario has received two credit rating upgrades for the first time in nearly two decades. Ontario’s real GDP is projected to rise 0.8 percent in 2025 and 0.9 percent in 2026, in line with the 2025 Budget Outlook. Ontario’s 2025-26 deficit is projected to be $13.5 billion – an improvement of $1.1 billion from the outlook published in the 2025 Budget. The government’s approach maintains a path to balance the budget by 2027-28 as part of its fiscal plan. Ontario remains prepared to do whatever it takes to provide critical financial supports to protect Ontario workers and jobs against any and all threats.
Highlights of how the government is keeping costs down in the 2025 Fall Economic Statement include the following:
- Supporting sectors affected by U.S. tariffs through the $5 billion Protecting Ontario Account. In August, the government launched the initial $1 billion of the Protect Ontario Financing Program (POFP), which is already supporting Ontario-based businesses directly impacted by higher tariff rates in the steel, aluminum, copper and auto sectors by helping them keep their doors open and keep workers on the job. The government is now developing the second and third streams, to be supported by the remaining $4 billion. These streams will fortify Ontario’s economic resilience, fuel innovation, and fast-track high-growth firms to sharpen Ontario’s global edge.
- Continuing to invest $20 million in the Protect Ontario Workers Employment Response (POWER) Centres to provide access to training and upskilling to workers affected by, or at risk of, layoffs. For the first time, Ontario will be able to launch a centre proactively before a layoff has occurred with the ability to respond within 24 hours. This year, 10 of these centres were operational across Ontario, helping almost 15,000 workers.
- Rebating the full provincial portion of the HST for first-time home buyers of most new homes. Subject to passage of federal legislation, Ontario’s new rebate would eliminate the full 8 per cent provincial portion of the HST for first-time home buyers on qualifying new homes valued up to $1 million, saving home buyers up to $80,000 off the cost of a new home when combined with existing provincial relief.
- Supporting local businesses and “Buy Ontario” by leveraging Ontario’s estimated $30 billion of annual procurement spend and focus investments on made-in-Ontario goods and services to boost investment attraction and strengthen the province’s supply chains.
- Strengthening Indigenous partnerships, fostering economic growth and supporting Indigenous participation in more sectors, through the Indigenous Opportunities Financing Program (IOFP). In the coming months, the Building Ontario Fund (BOF) with its enhanced $3 billion funding envelope in loan guarantees will begin engaging Indigenous communities and organizations, as well as infrastructure financing experts, on the expansion of the lOFP.
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For more information, 519-759-0361 or [email protected]