The province would normally table its budget in the spring but it was delayed due to the coronavirus pandemic. It is seeing continuing spikes in COVID-19 cases and has recently reinstated some restrictions on businesses.
"The upcoming budget will strike a balance that will focus on continuing to protect everyone's health and safety, while creating the right conditions for our economic recovery," said Phillips in a news release, adding that it will provide a three-year outlook.
In August, Ontario's Progressive Conservative party government boosted projected COVID-19 support measures to C$30 billion, forecasting it would run a record budget deficit of C$38.5 billion ($29.1 billion) in the current fiscal year, which began in April.
Earlier this month, the province said that real gross domestic product declined by 12.3% in the second quarter.
It will move back to its traditional budget calendar, providing by the end of March 2021 another multi-year update that will outline a plan to return the province to a fiscally sustainable path, Phillips said.
(Reporting by Fergal Smith; Editing by Marguerita Choy)
