2025 Fall Economic Statement

November 6, 2025

At a critical time in Ontario and Canada, it has never been more important that our government make the investments necessary to Protect Ontario from the economic uncertainties which face us. Today, Minister of Finance Peter Bethlenfalvy released the 2025 Fall Economic Statement – an update on the investments that our government has been making in Carleton, in Ottawa, and across the province.

I will continue to bring Carleton’s voice to Queen’s Park and advocate for local investments as we approach 2026, and I would like to provide an overview of the 2025 Fall Economic Statement for residents.

Fiscal Outlook and Tariffs

The impact of tariffs has been felt, leading to slower GDP growth projections. Ontario’s GDP growth was 1.4% in 2024 but has slowed to 0.8% in 2025 and projected to be 0.9% in 2026.

Our government has maintained a AA credit rating with credit agencies, while also deferring select provincial taxes for approximately 80,000 businesses in the province, freeing $9 billion in liquidity, as well as launching the $1 billion Protect Ontario Financing Program, part of a $5 billion plan to provide supports to businesses in sectors impacted by tariffs.

The deficit for the fiscal year ending March 31st, 2025 was $1.1 billion, compared to a forecasted deficit of $9.8 billion. We are projecting to get back to a surplus position by 2027-28, while continuing to invest more in program expenses at inflation in the coming years for programs like healthcare, education, and social services.

Capital Investments

Our government is committed to making the investments in the sectors that matter the most to residents, including:

Investing $2.1 Billion in Ontario’s Primary Care Action Plan

This plan includes:

$235 million to connect over 300,000 people in Ontario to primary care
$300 million to build new and expanded community-based primary care teaching clinics
$250 million for new proposals to create and expand 75 additional primary care teams
Included in this funding is an August announcement of over $10 million in Ottawa to connect up to 31,100 people to primary care

Investing Over $30 Billion Over 10 Years for Highway Expansion

Part of our plan to invest in highway infrastructure include key investments in Highway 401 to improve traffic flow and congestion, in Southern Ontario as well as Eastern Ontario, where our government has replaced over 20 bridges to accommodate future widening.
Our government has also made an agreement with the City of Ottawa for a phased plan exploring provincial ownership of Highway 174. The due diligence process is currently underway, but in the meantime, our government is providing $9 million in operating funding and up to $47 million in capital funding to the City of Ottawa for Highway 174.

Investing $43 Billion for Major Hospital Projects

Part of our government’s $43 billion plan to invest in major hospital projects across Ontario includes local investment in the Ottawa Hospital Civic Campus Redevelopment, which will lead to an increased number of patient rooms and the most advanced trauma centre in Eastern Ontario, providing specialized emergency and trauma services.

Investing Over $30 Billion Over 10 Years to Build More Schools and Child Care Spaces

Our government is making key investments in our education sector, including right here in Ottawa. School projects for the 2025-26 school year in Ottawa include:
Riverside South Public Secondary School in Carleton, serving 1,516 students and providing 39 licensed child care spaces ($63.1 million government investment)
École élémentaire publique Des Visionnaires, serving 475 students and providing 49 licensed child care spaces ($26.3 million government investment)
Getting shovels in the ground for a new French public elementary school in Ottawa, which will serve 475 students and include 49 licensed child care spaces

Investing $200 Million Over 3 Years for Sport and Recreation Infrastructure

Part of our government’s Sport and Recreation Infrastructure Fund included $8 million for Ottawa’s Alexander Community Centre, including a new gymnasium three times larger than the existing one

Province-Wide Investments and Announcements

Below are some of the announcements in the 2025 Fall Economic Statement which apply on a province-wide level:

Investing $1 billion through the Building Ontario Fund to build the first small modular reactors (SMRs) in the G7 at Darlington Nuclear Station, creating 18,000 jobs during construction and 3,700 jobs during operation, while contributing $38.5 billion to Canada’s GDP over 65 years
Signing deals and investing in the Ring of Fire in Northern Ontario, an 8000 square kilometre area with key minerals such as nickel, copper, platinum elements, and chromite. Investments in the mining sector are key to unlocking economic potential
Supporting Ontario businesses, through measures like cutting the gas tax and fuel tax by 5.7 cents and 5.3 cents respectively, implementing an Ontario Made Manufacturing Investment Tax Credit, and reducing the small business corporate tax, and proposing a made-in-Ontario vehicle policy for public sector and agencies to prioritize purchasing vehicles made in Ontario
Expanding the Municipal Housing Infrastructure Program to build more homes, including $1.6 billion to accelerate construction on housing and critical infrastructure such as roads, bridges, and water systems, as well as proposing 8% provincial HST relief for first-time home buyers, saving up to $80,000 on the provincial portion and up to $130,000 if the federal government also provides a rebate
Investing in public safety by providing more funding to municipalities and police services, including additional local investments of over $6.3 million to the Ottawa Police Service, the establishment of a Major Auto Theft Response Team in Ottawa, as well as $8.8 million to support constable training programs and a $121 million partnership with the federal government to address gun and gang violence
Investing an additional $261 million over three years for the Ontario Learn and Stay Grant to support students in the cost of tuition and other expenses for eligible health programs, and more than $1.1 billion over three years to expand the Hospital to Home (H2H) program to ensure that people have access to care in the right place
Making it easier to expand our workforce in Ontario, including recognizing the credentials and shortening the timelines for accreditation in Ontario in fields such as healthcare, architects, engineers, electricians, and geoscientists, ensuring we have skilled workers powering our workforce
Improving the mandate and oversight of conservation authorities, to modernize their roles and create a more consistent, cost-effective, and efficient system across the province. Our government is proposing a new agency that will be the central body for oversight of conservation authorities, ensuring they are effective while protecting Ontario’s environment

Of course, there is even more information included in the 2025 Fall Economic Statement, but I have tried to highlight some of the main points. If there are any more specific questions, please email george.darouze@pc.ola.org, myself and my team would be happy to respond. You can read the Fall Economic Statement here.