Peter Bethlenfalvy

The spectre of worldwide instability looms large in Ontario’s 2026 budget, which includes a small business income tax cut alongside a temporary reprieve on HST for buyers of new homes — but also pushes back a balanced budget for yet another year with a higher-than projected deficit. The $244-billion spending plan is replete with phrases like “uncertainty” and “heightened trade tensions,” and includes an increase in reserve spending from $1.5 billion in 2026-27 to $2.5 billion in 2028-29. …Finance Minister Peter Bethlenfalvy said “Geopolitical forces that may have once felt distant have now reached our shores,” he said. “Global economic and trade tensions, supply chain disruptions, shifting markets — simply put, the world has changed, and we must change with it.” …The province’s recently announced plan to temporarily remove HST for buyers of new homes remains, with plans in place for the full 13% tax to be removed for new homes valued up to $1 million.

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