Ontario's 2026-27 deficit now projected at $16.9 billion, up from $13.8 billion

Ontario now projects a $16.9-billion deficit for 2026-27, up from $13.8 billion in its March budget. Finance Minister Peter Bethlenfalvy released the update on Oct. 29. The province attributes the weaker outlook to U.S. tariffs and higher oil prices. A deficit means spending exceeds revenue. In dollar terms, that exceeds the $16.4-billion deficit of 2020-21.