OTTAWA, ON: The Canadian Taxpayers Federation released its annual Finance Minister Report Card, ranking provincial finance ministers on spending, debt and tax relief in their latest provincial budgets.

Ontario Finance Minister Peter Bethlenfalvy was awarded a C+ for his 2026 budget. Bethlenfalvy ranks second highest among provincial finance ministers, behind Saskatchewan’s Jim Reiter.

“Ontarians appreciate that Bethlenfalvy is leaving more money in taxpayers’ pockets,” said Noah Jarvis, CTF Ontario Director. “But much more needs to be done to end the government’s big borrowing and soaring interest costs.”

Bethlenfalvy received the following grades in each category:

Debt: D

• The Ford government is increasing the debt by about $24.4 billion compared to last year’s budget. By the end of the year, the debt will reach about $485 billion, or about $29,890 per Ontarian, the fourth highest in the country

Debt interest costs: D

• Debt interest payments will cost taxpayers $17.2 billion this year, working out to $1,060 per person, the sixth highest in the country.

Tax relief: B

• The government is removing the HST from some homes for one year. This will save taxpayers $2.2 billion this year. The government is also cutting the small business tax by one percentage point. This will save small businesses approximately $360 million annually.

Bethlenfalvy’s C+ grade is an improvement from last year where Bethlenfalvy was handed a D- for his 2025 budget.

“Bethlenfalvy might outclass most of his provincial colleagues this year, but there’s still work to be done,” Jarvis said. “Bethlenfalvy can stand out from the pack by cutting government spending, ending Ontario’s debt dive and providing significant tax relief for all Ontarians.”

You can find the full report card HERE.