Province's Debt History
Net Debt and Interest and Other Debt Servicing Charges
| Fiscal Years 2016–17 to 2027–28 ($ Millions) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Actuals | Interim[1] | Medium-Term Outlook | ||||||||||
| 2016–17 | 2017–18 | 2018–19 | 2019–20 | 2020–21 | 2021–22 | 2022–23 | 2023–24 | 2024–25 | 2025–26 | 2026–27 | 2027–28 | |
| Net Debt | 314,077 | 323,068 | 337,623 | 352,382 | 372,501 | 382,842 | 399,806 | 407,969 | 428,120 | 460,753 | 487,032 | 501,738 |
| Net-Debt-to-GDP | 39.7% | 39.2% | 39.3% | 39.5% | 42.6% | 39.5% | 37.7% | 36.4% | 36.3% | 37.9% | 38.9% | 38.6% |
| Net-Debt-to-Operating Revenue | 223.2% | 214.4% | 219.5% | 225.6% | 225.8% | 206.8% | 207.3% | 198.1% | 195.4% | 211.4% | 215.4% | 212.4% |
| Interest and Other Debt Servicing Charges (IOD) | 12,254 | 12,506 | 13,332 | 13,471 | 13,063 | 13,302 | 13,935 | 14,461 | 15,224 | 16,198 | 17,007 | 17,759 |
| Net Interest-to-Operating Revenue | 8.3% | 7.9% | 8.1% | 8.0% | 7.5% | 6.8% | 6.4% | 5.5% | 5.8% | 6.5% | 6.7% | 6.8% |
Net Debt-to-GDP
Sources: Statistics Canada and Ontario Ministry of Finance.
Accessible description of chart: Net Debt-to-GDP
Net Debt-to-Operating Revenue (formerly Net Debt-to-Revenue)
Sources: Public Accounts of Ontario (1990–1991 to 2023–2024) and Ontario Ministry of Finance.
Accessible description of chart: Net Debt-to-Operating Revenue
Net Interest-to-Operating Revenue (formerly Interest on Debt-to-Revenue)
Sources: Public Accounts of Ontario (1990–1991 to 2023–2024) and Ontario Ministry of Finance.
Accessible description of chart: Net Interest-to-Operating 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, 2025, is $451.4 billion, or 98.5 per cent of total debt, issued in the following currencies:
| • $388.6 billion Canadian dollars | • $3.8 billion Pound Sterling |
| • $43.8 billion U.S. dollars | • $2.5 billion Australian dollars |
| • $11.6 billion Euros | • $1.0 billion Swiss francs |
Note: Publicly-held debt includes the offsetting of $6.8 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 $4.4 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, 2025 is $6.8 billion, or 1.5 per cent of total debt.
Non-public debt consists of debt instruments issued mainly to Canada Pension Plan Investment Board (CPPIB).
