Province's Debt History
Net Debt and Interest-on-Debt
| Fiscal Years 2013–14 to 2025–26 ($ 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 | |
| Net Debt | 276,169 | 294,557 | 306,357 | 314,077 | 323,068 | 337,623 | 352,382 | 372,501 | 382,842 | 400,484 | 416,079 | 435,672 | 449,289 |
| Net-Debt-to-GDP | 39.7% | 40.5% | 40.3% | 39.7% | 39.2% | 39.3% | 39.5% | 43.0% | 40.0% | 38.3% | 38.4% | 39.1% | 38.7% |
| Net-Debt-to-Revenue | 224.6% | 233.5% | 225.0% | 223.2% | 214.4% | 219.5% | 225.6% | 225.8% | 206.8% | 207.6% | 206.2% | 210.8% | 204.2% |
| Interest-on-Debt (IOD) | 11,155 | 11,221 | 11,589 | 11,727 | 11,912 | 12,385 | 12,497 | 12,296 | 12,583 | 12,389 | 13,449 | 14,340 | 15,158 |
| IOD-to-Revenue | 9.1% | 8.9% | 8.5% | 8.3% | 7.9% | 8.1% | 8.0% | 7.5% | 6.8% | 6.4% | 6.7% | 6.9% | 6.9% |
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, 2023, is $413.1 billion, or 98 per cent of total debt, issued in the following currencies:
| • $353.9 billion Canadian dollars | • $5.4 billion Pound Sterling |
| • $35.5 billion U.S. dollars | • $1.4 billion Australian dollars |
| • $15.9 billion Euros | • $1.0 billion Swiss francs |
Note: Publicly-held debt includes the offsetting of $10.2 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 $3.4 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, 2023 is $8.7 billion, or 2 per cent of total debt.
Non-public debt consists of debt instruments issued mainly to Canada Pension Plan Investment Board (CPPIB).
