Province's Debt History
Net Debt and Interest-on-Debt
| Fiscal Years 2013–14 to 2025–26 ($ Millions) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Actuals | Interim[1] | 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 | 323,834 | 338,496 | 353,332 | 373,564 | 380,415 | 395,785 | 406,411 | 420,326 | 429,869 |
| Net-Debt-to-GDP | 39.7% | 40.5% | 40.3% | 39.7% | 39.3% | 39.4% | 39.6% | 43.1% | 39.8% | 37.8% | 37.8% | 37.7% | 36.9% |
| Net-Debt-to-Revenue | 224.6% | 233.5% | 225.0% | 223.2% | 215.0% | 220.2% | 226.4% | 226.5% | 205.6% | 197.5% | 198.9% | 197.3% | 190.2% |
| Interest-on-Debt (IOD) | 11,155 | 11,221 | 11,589 | 11,727 | 11,922 | 12,403 | 12,515 | 12,308 | 12,587 | 13,424 | 14,058 | 14,379 | 15,059 |
| IOD-to-Revenue | 9.1% | 8.9% | 8.5% | 8.3% | 7.9% | 8.1% | 8.0% | 7.5% | 6.8% | 6.7% | 6.9% | 6.8% | 6.7% |
Net Debt-to-GDP
Sources: Public Accounts of Ontario (1990–1991 to 2021–2022) 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 2021–2022) and Ontario Ministry of Finance.
Accessible description of chart: Net Debt-to-Revenue
IOD-to-Revenue
Sources: Public Accounts of Ontario (1990–1991 to 2021–2022) 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 $420.5 billion, or 98 per cent of total debt, issued in the following currencies:
| • $361.5 billion Canadian dollars | • $5.5 billion Pound Sterling |
| • $34.1 billion U.S. dollars | • $1.5 billion Australian dollars |
| • $16.9 billion Euros | • $0.9 billion Swiss francs |
Note: Publicly-held debt includes the offsetting of $6.4 billion in Ontario bonds and treasury bills purchased and held by the
Province against Canadian dollar debt. 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).
