Toronto Region Board of Trade responds to Ontario’s 2026 Fall Economic Statement

The Fall Economic Statement arrives at a particularly challenging moment for Ontario. Our region continues to grapple with the severe and punishing impacts of U.S. tariffs, while simultaneously putting the necessary resources behind Canada’s great economic rebuild. This means the province’s fiscal and economic choices carry more weight than a mid-year update usually does.

“Canada is working to turbocharge our economic growth, support our industrial base, diversify our trading relationships, and expand and modernize the infrastructure that ties them together,” said Giles Gherson, President and CEO of the Toronto Region Board of Trade. “$8 billion dollars to support the kinds of capital investments needed to make our industries more competitive and grow our economy. In addition, the $8.7 billion joint initiative with the federal government to provide targeted supports for tariff-impacted businesses is critical. Delivering effectively on these investments will help ensure that Ontario is well positioned to play the central role in Canada’s great economic rebuild.”

The statement projects a significant deficit. The Board has previously raised concerns about deficit spending that favours short-term consumption over long-term productivity, but these measures are weighted toward protecting industries under pressure now and building capacity for our future prosperity. The important thing now will be ensuring that these commitments translate into growing high-value jobs and driving major investments in productivity.

That means a clear path for businesses to quickly access needed funding. It also means removing the barriers that slow Ontario’s businesses at home, from permitting timelines to interprovincial trade restrictions, and keeping housing, energy and transit construction moving. The pieces included in the Building Ontario Faster Act, announced yesterday, are steps towards this. Continuing to build on this approach will be necessary to reap maximum benefit from these investments.

“The Toronto region is the heart of Ontario’s economy and is home to the financial, technology and advanced manufacturing capacities a national rebuild will depend on,” Gherson added. “We look forward to continuing to work with Ontario and other levels of government to make sure that our members are poised to deliver it.”