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Ontario’s Ford government has spent just $140 million from its $5 billion “Protect Ontario” account, nearly two years after launching the fund to help businesses hit by United States tariffs. The figure emerged during a financial and economic committee hearing at Queen’s Park on Tuesday, drawing sharp criticism from opposition members.
Spending Falls Far Short of Pledged Support
Premier Doug Ford announced the $5 billion fund during the provincial snap election in February 2025. He pledged the money to support Ontario companies facing the hardest impact from the Trump administration’s tariffs. The commitment was later included in the provincial budget.
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At Tuesday’s committee hearing, Finance Minister Peter Bethlenfalvy faced repeated questions from opposition MPPs about how much of the fund had actually reached businesses. Bethlenfalvy initially deflected, arguing the fund fell under the Ministry of Economic Development. He also suggested the line of questioning was outside his scope as finance minister.
However, after sustained pressure from opposition members, Bethlenfalvy referred the question to a senior civil servant. Deputy Minister of Finance Gadi Mayman then provided the figures to the committee.
“Since the launch of the program, 36 applications have been received totaling just under $100 million,” Mayman told the committee. “Eighteen out of those applications have been approved. That represents about $40 million, in addition to the $100 million in Algoma Steel support.”
Opposition Calls the Program a Failure
Liberal Finance Critic Stephanie Bowman said the numbers reveal a program that is not delivering results. She spoke to reporters after the committee session.
“What this government’s got on offer isn’t working,” Bowman said. “Only $40 million in funding to help Ontario businesses. That’s 0.01 per cent of our GDP, so clearly the program is not working.”
Bethlenfalvy pushed back against that assessment. He pointed to a broader package of government supports he said had seen positive uptake.
“With the $30 billion in supports, multiple dollars have flowed, including the Ontario Together Trade Fund, which has been well received by those who need the funds and want to pivot those businesses,” Bethlenfalvy said.
Investment Fund Put on Hold
Meanwhile, a separate initiative tied to the Protect Ontario account has also stalled. One year after creating the account, the Ford government announced plans to redirect billions into a new investment fund. A private sector partner would manage it.
As part of the 2026 budget, Bethlenfalvy described the “Protect Ontario Account Investment Fund” as a vehicle to identify investment opportunities in sectors such as artificial intelligence, defence, advanced manufacturing, life sciences and critical minerals.
However, six months later, the minister signalled the fund was no longer a priority. “I would say it’s not the top priority because we want to make sure that we continue to have powder available,” Bethlenfalvy said on September 25. “We’re in a very uncertain time.”
Days after that statement, Bethlenfalvy clarified the government’s position further. “It’s not that we’ve shelved it. We’re not advancing it at this point in time,” he said. The fund therefore remains on paper but is not currently moving forward.
The Protect Ontario spending figures add to growing scrutiny of the Ford government’s response to the ongoing Canada-US trade dispute. Opposition critics argue the gap between the $5 billion pledge and the $140 million spent so far shows the program has failed to meet the scale of the challenge facing Ontario businesses.
