Ontario’s $5B Tariff Protection Account Has Deployed $140M So Far
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More than a year after Ontario set aside $5 billion through its Protect Ontario Account to shield businesses and jobs from the impact of U.S. tariffs, figures presented at Queen’s Park show that about $140 million has been deployed through its financing program so far.
The figure emerged Tuesday during a legislative finance and economic affairs committee meeting. Deputy Finance Minister Gadi Mayman said the program had received 36 applications worth just under $100 million, with 18 approved for about $40 million, in addition to $100 million in support for Algoma Steel.
Ontario initially set aside up to $1 billion for financing aimed at businesses directly affected by tariffs. The province’s 2026 budget also proposed investing up to $4 billion from the Protect Ontario Account in a separate investment fund targeting sectors including artificial intelligence, defence, advanced manufacturing, life sciences and critical minerals.
Finance Minister Peter Bethlenfalvy said the investment fund remains on paper but is not currently being advanced, citing economic uncertainty. Opposition members questioned the relatively limited amount of financing approved so far, while the government pointed to other programs it says are also supporting Ontario businesses affected by the trade dispute.
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Tahani Elghazaly5210 Posts
