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TORONTO — Ontario’s provincial budget will be tabled on March 26, Finance Minister Peter Bethlenfalvy announced Tuesday, signalling a focus on mitigating economic risks by spending on innovation, competitiveness and infrastructure.
The budget, which will be introduced during the first week the legislature is back in session after an extended winter break, will take a prudent approach that allows the province to weather economic shocks, Bethlenfalvy said during a speech to the Empire Club of Canada.
“As a government, we cannot eliminate uncertainty, but we can mitigate risks with a responsible, balanced fiscal approach that supports public services and infrastructure while maintaining flexibility,” he said.
He pointed to six key themes of the budget: productivity and innovation, a competitive business environment, infrastructure and housing, trade, talent and workforce, and reliable, affordable, clean energy.
His comments suggest a business-focused budget, and he highlighted a need to turn ideas into investments and jobs.
“Ontario’s long-term prosperity depends on increasing our output per worker and per dollar of capital,” Bethlenfalvy said. “That means accelerating technology adoption, attracting private investment and commercializing Ontario-made research.”
On talent and workforce, Bethlenfalvy touted a recently announced $6.4 billion over four years for colleges and universities. That announcement, however, also came with a reduction in the amount of grants students can receive. There will now be a much greater emphasis on loans.
Students say that will saddle them with unmanageable levels of debt after they graduate, but the government has said it was a necessary change in the name of sustainability, as Ontario Student Assistance Program expenses have been growing rapidly.
Bethlenfalvy mentioned sustainability a couple of times in his speech, stressing that the government will continue delivering programs “efficiently and sustainably.”
Premier Doug Ford has said a few times in recent days that Bethlenfalvy is constantly worried about health spending.
“Our whole team has to listen to the finance minister every single day tell us, ‘Do you know how much we’re spending in health care?'” Ford recounted Monday.
But Ford said Tuesday that does not mean there will be health cuts.
Health care represents the largest spending area in Ontario’s budget, and last year’s fiscal plan set aside $91.1 billion.
Hospitals alone need an additional $2.7 billion to meet their full operating needs, their association says, but urgently require $1 billion to address a structural deficit.
The Ministry of Health asked hospitals last year to come up with a three-year plan to balance their budgets, with an assumption of getting two per cent annual funding increases. That is half of the increase they received the previous year.
Hospitals were told to immediately implement any low-risk cost-saving moves they come up with and their association says that has already been happening.
As of the province’s third-quarter finances update, delivered last month, Ontario’s deficit for the current year was projected to be $13.4 billion.
This report by The Canadian Press was first published March 10, 2026.
Allison Jones, The Canadian Press
