Ontario is scheduled to release its fall economic forecasts today, with Finance Minister Peter Bethlenfalvy saying the province will take a responsible approach to advancing its plan to build homes and highways.

Bethlenfalvy also says the province is preparing for any economic challenges on the horizon.

Also on the eve of the economic fall statement, Premier Doug Ford announced that the 5.7 cent gas tax cut, which came into effect in July, will be extended for another year until the end of 2023.

In September, Bethlenfalvy announced that Ontario ended the last fiscal year with a surplus of $2.1 billion. When the budget was presented several months ago, the province had forecast a $33 billion deficit. The province attributed this turnaround to inflation and a strong economy.

Two weeks ago, the Financial Accountability Office predicted budget surpluses through 2028.

Additionally, the financial oversight body expects a $100 million surplus by the end of this fiscal year, and a $8.5 billion surplus in 2027-28.