Ford government to table budget on May 15

The Ford government will table its budget on Thursday, May 15, against the backdrop of U.S. President Donald Trump’s tariffs.

Minister of Finance Peter Bethlenfalvy made the announcement in the legislature on Thursday, saying it will be a plan that helps Ontario build more, build faster and achieve free trade across Canada.

The fiscal plan comes at a time when the province faces economic headwinds due to Trump’s tariffs, which Ontario’s budget watchdog says could sharply affect the province’s GDP and job market.

Ontario announced last month that businesses will see select provincial taxes deferred for six months, giving them about $9 billion worth of relief amid U.S. tariffs. The province also said the Workplace Safety and Insurance Board will issue a $2-billion rebate to safe employers.

Bethlenfalvy wouldn’t divulge if the budget will include targeted stimulus measures, but pointed to the previously announced $11-billion package and said he knows more needs to be done.

“I think every budget has to look at various scenarios, but we’re in an uncertain time, so I’m not going to speculate what’s around the corner,” Bethlenfalvy told reporters outside the legislature. “What I will say is I feel confident about Ontario’s ability to compete in an open market with our U.S. counterparts. …I know we’ll get through these bumps and we’ll come out stronger together.”

Ontario’s last major fiscal update, the fall economic statement, had projected a relatively small $1.5-billion deficit for 2025-26 and eyed a balanced budget for 2026-27.

Bethlenfalvy would not confirm if the tariff threat has forced him to adjust those projections.

“It’s important that we have to deal with what’s in front of us right now. We have uncertainty as a result of the Trump tariffs, and so our plan will continue the fall economic statement plan, which is to fortify our economy, support our workers.”

Liberal Leader Bonnie Crombie says her expectations for the budget are middle income and small business tax cuts as well as stimulus for the auto sector, steel, aluminum and manufacturing sectors which are expected to be the most significantly impacted by tariffs.

“The premier has to show that the basics are in place for people, that there is a health care system there for people when they need it, that housing is affordable and available to young families starting out, or to seniors who are looking to downsize. So it’s important to get the basics right, but it is also important to protect, protect us from job loss,” she said.

NDP Leader Marit Stiles says she’s looking for a budget that protects people and builds on opportunities and jobs for Ontarians.

“I think our whole economy is really at risk. I’ve been out there talking to small businesses, to companies and factories, all manufacturing as a whole, as we know it’s going to be probably the hardest hit here in Ontario. We’re going to bear the brunt of that across Canada, right here in Ontario,” she said.

CityNews’ Mark McAllister contributed files to this report