Ontario Finance Minister Peter Bethlenfalvy tabled a fall fiscal update that showed trouble on the jobs front as the trade war impacts Ontario’s employment sector.

It projects a slightly smaller deficit, a path to balance books in two years, and sets aside more money for tariff-impacted businesses. It also shows LCBO revenues tumbling and revenue from alcohol tax falling.

Jobs trouble

The update shows growing trouble in the jobs market as a result of the trade conflict with the United States. The unemployment rate is expected to grow this year to 7.8 per cent from seven per cent in 2024.

The government says the unemployment rate will remain high for years, at a projected 7.6 per cent in 2026, and seven per cent in 2027.

Deficit

Ontario’s 2025-26 deficit is projected to be $13.5 billi

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