Ontario Finance Minister Peter Bethlenfalvy released the province’s 2025 budget Thursday, featuring a $500 million investment in critical mineral processing and measures to strengthen economic resilience.
The budget, titled “A Plan to Protect Ontario,” aims to shield the province from US tariffs while supporting workers and businesses.
“Our government is delivering on our mandate to protect Ontario and help workers and businesses weather the storm, while creating the long-term foundations for a strong, resilient and competitive economy,” Bethlenfalvy said during his budget speech.
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The centerpiece includes the new Critical Minerals Processing Fund, designed to keep mineral processing within provincial borders.
“We are investing $500 million to create a new Critical Minerals Processing Fund that will help unleash the potential of the province’s mineral sector by attracting investments in critical mineral processing capacity here at home,” Bethlenfalvy said.
Provincial officials said the initiative aims to accelerate critical minerals processing capacity while providing a stable supply for Ontario’s manufacturing base.
The budget triples loan guarantees for Indigenous partnerships to $3 billion, expanding eligibility beyond electricity to include energy, pipelines and mining projects.
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Bethlenfalvy announced plans to streamline mining approvals, claiming current processes take up to 15 years.
“We are cutting red tape and streamlining approvals to dramatically speed up this process with new special economic zones and a new One Project, One Process approach for major resource development projects,” he said.
Additional economic measures include making gas tax cuts permanent, removing Highway 407 East tolls, and creating a $5 billion account to support businesses facing tariff-related disruptions.
The government projects a $6 billion deficit for 2024-25, $3.8 billion lower than initially forecast, with plans to balance the budget by 2027-28.
Ontario’s economy grew 1.5% in 2024, with projected growth of 0.8% in 2025, rising to 1.9% by 2027.
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