Province's Debt History
Net Debt and Interest-on-Debt
Fiscal Years 2013–14 to 2026–27 ($ Millions) | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Actuals | Current Outlook | Medium–Term Outlook | ||||||||||||
2013–14 | 2014–15 | 2015–16 | 2016–17 | 2017–18 | 2018–19 | 2019–20 | 2020–21 | 2021–22 | 2022–23 | 2023–24 | 2024–25 | 2025–26 | 2026–27 | |
Net Debt | 276,169 | 294,557 | 306,357 | 314,077 | 323,068 | 337,623 | 352,382 | 372,501 | 382,842 | 400,484 | 414,814 | 439,056 | 459,767 | 474,477 |
Net-Debt-to-GDP | 39.7% | 40.5% | 40.3% | 39.7% | 39.2% | 39.3% | 39.5% | 42.6% | 39.9% | 38.2% | 38.0% | 39.2% | 39.5% | 39.1% |
Net-Debt-to-Revenue | 224.6% | 233.5% | 225.0% | 223.2% | 214.4% | 219.5% | 225.6% | 225.8% | 206.8% | 207.6% | 203.0% | 213.5% | 211.4% | 209.4% |
Interest-on-Debt (IOD) | 11,155 | 11,221 | 11,589 | 11,727 | 11,912 | 12,385 | 12,497 | 12,296 | 12,583 | 12,389 | 12,843 | 13,913 | 14,716 | 15,232 |
IOD-to-Revenue | 9.1% | 8.9% | 8.5% | 8.3% | 7.9% | 8.1% | 8.0% | 7.5% | 6.8% | 6.4% | 6.3% | 6.8% | 6.8% | 6.7% |
Net Debt-to-GDP
Sources: Statistics Canada and Ontario Ministry of Finance.
Accessible description of chart: Net Debt-to-GDP
Net Debt-to-Revenue
Sources: Public Accounts of Ontario (1990–1991 to 2022–2023) and Ontario Ministry of Finance.
Accessible description of chart: Net Debt-to-Revenue
IOD-to-Revenue
Sources: Public Accounts of Ontario (1990–1991 to 2022–2023) and Ontario Ministry of Finance.
Accessible description of chart: IOD-to-Revenue
Province's Consolidated Debt Portfolio
Publicly-held Debt
The Province's publicly-held debt consists of funds borrowed from the general public and institutional investors.
Publicly held debt forecast as of March 31, 2024, is $429.5 billion, or 98 per cent of total debt, issued in the following currencies:
• $371.7 billion Canadian dollars | • $3.8 billion Pound Sterling |
• $32.6 billion U.S. dollars | • $1.5 billion Australian dollars |
• $18.9 billion Euros | • $1.0 billion Swiss francs |
Note: Publicly-held debt includes the offsetting of $5.6 billion in Ontario bonds and treasury bills purchased and held by the Province
against Canadian dollar debt. In addition, publicly-held debt includes a reduction of $4.5 billion due to unamortized discounts, premiums and commissions. Numbers may
not add due to rounding.
Non-Public Debt
Ontario's non-public debt forecast as of March 31, 2024 is $8.0 billion, or 2 per cent of total debt.
Non-public debt consists of debt instruments issued mainly to Canada Pension Plan Investment Board (CPPIB).