The Transparency Gap: Bethlenfalvy's Tariff Accounting Fails the 'Open for Business' Test
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A struggle to account for $140 million in tariff spending reveals a disconnect between Premier Doug Ford's campaign promises and the reality of the Protect Ontario account.
*(Opinion)*
When Premier Doug Ford campaigned during the February 2025 snap election, he promised billions in taxpayer funds to shield Ontario companies from the fallout of the Trump administration's tariffs. This pledge was subsequently codified in the provincial budget through the $5 billion 'Protect Ontario' account. However, recent testimony at Queen's Park suggests that the gap between this 'Open for Business' rhetoric and actual fiscal deployment is staggering.
During a financial and economic committee meeting, Finance Minister Peter Bethlenfalvy found himself unable to readily provide a clear accounting of the fund's usage. As Global News Toronto first reported, Bethlenfalvy initially attempted to sidestep questions from opposition MPPs, claiming the fund was managed by the Ministry of Economic Development and arguing that the line of questioning was out of scope for the Finance Minister.
It took repeated questioning before the matter was punted to a civil servant. Gadi Mayman, the Deputy Minister of Finance, eventually revealed that since the program's launch, only 36 applications totaling just under $100 million had been received. Of those, only 18 applications were approved, representing roughly $40 million. When combined with $100 million provided in support for Algoma Steel, the total spend sits at $140 million—a fraction of the billions promised.
Liberal Finance Critic Stephanie Bowman characterized the results as a failure, telling reporters via Global News Toronto that the funding represents only 0.01 per cent of the province's GDP.
Bethlenfalvy attempted to pivot the conversation toward other supports, citing the Ontario Together Trade Fund as part of a broader $30 billion support package that he claimed has been well received by businesses looking to pivot.
Perhaps more troubling is the government's shifting strategy regarding the account's future. Global News Toronto reports that one year after the account's creation, the Ford government planned to spin off billions into a 'Protect Ontario Account Investment Fund' managed by a private sector partner. This fund was intended to target 'new economy-enabling investment opportunities' in sectors including critical minerals, life sciences, advanced manufacturing, defence, and artificial intelligence, as part of the 2026 budget.
However, that ambition has since cooled. On September 25, Bethlenfalvy admitted the fund was no longer a top priority, stating the government wanted to ensure they had 'powder available' during an uncertain economic period. He later clarified that while the fund exists on paper, the government is not actively advancing it.
For a government that leans heavily on the image of economic agility, the inability of the Finance Minister to account for the deployment of a signature tariff fund—and the subsequent quiet shelving of its investment arm—suggests a troubling lack of transparency in how Ontario's economic shields are actually being forged.