ONTARIO NEWS RELEASE: Ontario Releases 2025–26 Third Quarter Finances

Despite global economic uncertainty, the results reflect the government’s responsible path to balance while continuing to make strategic investments to protect workers, support growth and keep costs down for families.

“Our government’s prudent fiscal plan is more important than ever, and it’s working. Ontario’s finances are in the strongest position they have been in over a decade,” said Peter Bethlenfalvy, Minister of Finance. “Having a strong balance sheet will allow us to act quickly to protect our workers and communities while making investments in strategic priorities to unleash our economy and make Ontario the most competitive place in the G7 to invest, create jobs and do business”.

Ontario’s real gross domestic product (GDP) increased by 0.5 per cent in the third calendar quarter, supported by gains in net trade. Ontario’s real GDP rose by an estimated 1.2 per cent in 2025, and net debt-to-GDP is now projected to be 36.9 per cent, a decrease of 0.8 percentage points. Both of which are stronger than expected at the time of the 2025 Ontario Economic Outlook and Fiscal Review showing Ontario’s economic resilience in the face of U.S. tariffs.

As of the 2025–26 Third Quarter Finances, the province’s 2025–26 deficit is now projected to be $13.4 billion, while revenues are also projected to improve to $223.7 billion, $0.6 billion higher than expected in the 2025 Ontario Economic Outlook and Fiscal Review.

The government will provide its next update by March 31, 2026 as part of the 2026 Budget.