Ontario's Borrowing Program
Ontario's 2025–26 Borrowing Program and Medium-Term Outlook
| ($ Billions) | 2025 Budget | In-Year Change | Current Outlook | Medium-Term Outlook | |
|---|---|---|---|---|---|
| 2025–26 | 2026–27 | 2027–28 | |||
| Deficit/(Surplus) | 14.6 | (1.1) | 13.5 | 7.8 | (0.2) |
| Provincial Investment in Capital Assets | 23.1 | – | 23.1 | 23.8 | 20.2 |
| Amortization of Capital Assets[1] | (9.1) | – | (9.1) | (9.3) | (10.1) |
| Non-Cash and Cash Timing Adjustments | (3.1) | – | (3.1) | (3.4) | (4.3) |
| Net Loans and Investments | 1.2 | 1.3 | 2.5 | 2.4 | 1.4 |
| Debt Maturities and Redemptions | 33.1 | – | 33.1 | 26.9 | 27.5 |
| Total Funding Requirement | 59.8 | 0.2 | 60.0 | 48.2 | 34.5 |
| Decrease/(Increase) in Short-Term-Borrowing | (5.0) | (0.5) | (5.5) | (5.5) | – |
| Increase/(Decrease) in Year-End Cash and Cash Equivalents | (12.0) | – | (12.0) | (2.0) | – |
| Total Long-Term Public Borrowing | 42.8 | (0.3) | 42.5 | 40.7 | 34.5 |
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2025–26 Borrowing Program Status
As of
Note: Numbers may not add due to rounding.
Domestic and International Borrowing
As of
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Accessible description of chart: Domestic and International Borrowing
Short-Term Borrowing Capacity
| ($ Billions) | C$ T-Bill Program | U.S.$ Commercial Paper Program | Total |
|---|---|---|---|
| Currency | Canadian Dollars | U.S. Dollars | – |
| Maturity | 1 day-3 years* | 1-270 day(s) | – |
| Authorized | C$46.0 | C$22.5 | C$68.5 |
| Outstanding | C$22.9 | C$10.3 | C$33.2 |
| Available | C$23.1 | C$12.2 | C$35.3 |
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*Regular issuance of 3M, 6M and 1Y T-Bills
As of October 31, 2025.
Note: Numbers may not add due to rounding.