The province's finance minister will be giving an updated deficit number on Thursday when he tables his Fall Economic Statement.
Charles Sousa made the statement after speaking to the Empire Club of Canada today.
Sousa announced Ontario is considering giving tax credits to companies who spend more money on research and development in the province.
Charles Sousa is also considering what he calls a "pay and play" approach, which would see companies which initiate R&D investments get better tax tares.
Sousa stresses these incentives will not only encourage investments but make things more competitive in the province.
The province's deficit is currently at $9.2 billion. The province stands by it plan to get that down to zero by 2017-2018.