Ontario government set to release fall economic outlook

Ontario is set to release its fall economic outlook today.

Finance Minister Peter Bethlenfalvy says the province will take a responsible approach to push its plan to build homes and highways.

He says the province is also preparing for any economic challenges that loom.

On the eve of the fall economic statement, Premier Doug Ford announced a 5.7-cent gas tax cut that took effect in July would be extended a year until the end of 2023.

In September, Bethlenfalvy announced that Ontario ended the last fiscal year with a $2.1-billion surplus.

When the budget was tabled several months earlier, the province projected a $33 billion deficit.

The province has attributed the shift to inflation and a strong economy.

Two weeks ago, the Financial Accountability Office projected budget surpluses until 2028.

The financial watchdog is forecasting a $100 million surplus at the end of this fiscal year and an $8.5-billion surplus in 2027-28.