Ontario Budget Projects $13.8B Deficit, Postpones Balanced Budget Timeline

Ontario Minister of Finance Peter Bethlenfalvy shakes hands with Ontario Premier Doug Ford after introducing the 2026 Budget, as Health Minister Sylvia Jones stands between them, in the Ontario Legislature in Toronto, on March 26, 2026. The Canadian Press/Chris Young

Ontario is forecasting a $13.8 billion deficit for the coming fiscal year and and has pushed back its timeline to balance the budget to 2028-2029.

This marks an increase from the projected deficit of $7.8 billion for the 2026-27 period that was outlined in last year’s budget.