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Ontario taxpayers will be on the hook for more than half a trillion dollars in debt by 2027, according to the Ford government’s latest provincial budget, raising questions about how the province plans to address the ballooning financial burden. Finance Minister Peter Bethlenfalvy’s 2025-26 fiscal blueprint laid out the province’s medium-term projections, which showed Ontario’s net debt is expected to reach $501.7 billion in just two years.The record-setting amount, if fully realized, also means the Ford government would be responsible for adding nearly $150 billion in debt since taking office in 2018, leading to criticism from fiscal hawks and the opposition alike.“So much for fiscal prudence,” said Nicolas Gagnon with the Canadian Taxpayers Federation, who said the Ford government’s polic...

The growing impact of U.S. President Donald Trump’s tariffs is creating “tensions” among members of the G7 heading into a critical summit in Canada next month, the federal finance minister says. Finance Minister François-Philippe Champagne and Bank of Canada governor Tiff Macklem are chairing three days of meetings with top finance officials from the world’s largest economies in Banff, Alta., this week. The talks are expected to focus on the war in Ukraine and artificial intelligence, and how the G7 members can work together to grow the global economy.However, Trump’s aggressive trade policies are likely to dominate the proceedings, and could even impact what members can feasibly agree to.“There’s no doubt that around the table, you need to find unity, but at the same time, it’s true that ...

High-ranking officials from the world’s top economies are in Banff, Alta., this week for a three-day summit that will cover topics including the global economy, the war in Ukraine and artificial intelligence. The meeting comes during a period of heightened instability as U.S. President Donald Trump continues his tariff-driven effort to bring industry to American soil, leading many countries to reconsider their trade relationships with the United States and other trading partners.The gathering will also be a precursor to the meetings that will happen in Kananaskis, Alta., when North American, European and Japanese leaders gather for the G7 Leaders’ Summit from June 15 to 17.Kananaskis last hosted the meeting in 2002.Rookie Canadian Finance Minister François-Philippe Champagne and Bank of Ca...

By Staff The Canadian Press Posted May 20, 2025 1:05 pm Updated May 20, 2025 2:06 pm 1 min read Descrease article font size Increase article font size A new Léger poll says more than half of Quebecers want the province to abolish its price on carbon. Quebec has had some of the highest gas prices in the country since Prime Minister Mark Carney scrapped the federal consumer price on carbon in April. Get breaking National news For news impacting Canada and around the...