Ontario’s government has unveiled its 2025 Fall Economic Statement, outlining a plan to strengthen the province’s economy and shield workers, businesses and families from economic pressures, including new U.S. tariffs.
Finance Minister Peter Bethlenfalvy released the 2025 Ontario Economic Outlook and Fiscal Review: A Plan to Protect Ontario on Thursday, describing it as a blueprint to build a “more competitive, resilient and self-reliant economy.”
“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,” said Bethlenfalvy. “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.”
He said the province’s strong financial position has allowed it to make “unprecedented steps to protect Ontario” while maintaining fiscal prudence.
The statement includes plans to rebate the full provincial portion of the HST for first-time homebuyers of most new homes valued up to $1 million, saving up to $80,000 when combined with existing relief. It also commits to developing a Tax Action Plan aimed at modernizing Ontario’s income tax system to support workers and attract investment.
Additional investments include $100 million in the Ontario Together Trade Fund to help small and medium-sized businesses expand into new markets and $1.1 billion over three years to strengthen home care and hospital-to-home services. The province will also enhance its manufacturing investment tax credit and continue its $201 billion, 10-year infrastructure plan.
Ontario projects a deficit of $13.5 billion in 2025–26, an improvement of $1.1 billion from the spring budget, with a return to surplus by 2027–28. The province’s net debt-to-GDP ratio is expected to remain below target levels at 37.7 per cent next year.
The government said consultations will be held ahead of the 2026 budget to gather public input on how to further protect Ontario’s economy, create jobs, and keep costs down.
