Coming out of a consequential election with a supermajority, the Conservatives’ Budget 2025 is a product of its time—protecting Ontario against U.S. tariffs and global economic uncertainty threatening Ontario businesses, workers, and investments, even if it makes balancing the budget an uphill battle for 2027-28. More than a defensive posture, the budget declares Ontario open for business and willing to spend for it.
Projected to exceed fall forecasts by nearly tenfold, the budget is expected to yield a $14.6 billion deficit in the 2025-26 fiscal year. The budget deficit outlines a path to balance over the next three years.
Despite running a deficit, the Ford government maintains that a strong economy is the only way to boost government revenue. The government projects the measures announced in the budget will boost Ontario’s GDP by $200 billion and make Canada the most competitive G7 country.
Unprecedented investments in infrastructure, including energy, critical minerals, and transit projects, account for $33 billion in spending in 2025-26. Spending in Budget 2025 will help build Ontario highways, hospitals, mines and a tunnel under the 401. In his address to the legislature, Ontario Finance Minister, Peter Bethlenfalvy, said cutting taxes and investing in the economy would boost future revenues for social services.
You can find our full analysis of the budget below. For more analysis, or support engaging government on any of the budget announcements, contact your Navigator team or reach out at info@navltd.com.
