Province's Debt History
Net Debt and Interest and Other Debt Servicing Charges
| Fiscal Years 2016–17 to 2025–26 ($ Millions) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Actuals | Current Outlook | |||||||||
| 2016–17 | 2017–18 | 2018–19 | 2019–20 | 2020–21 | 2021–22 | 2022–23 | 2023–24 | 2024–25 | 2025–26 | |
| Net Debt | 314,077 | 323,068 | 337,623 | 352,382 | 372,501 | 382,842 | 399,806 | 409,761 | 427,050 | 460,758 |
| Net-Debt-to-GDP | 39.7% | 39.2% | 39.3% | 39.5% | 42.6% | 39.5% | 37.7% | 36.6% | 36.2% | 37.9% |
| Net-Debt-to-Operating Revenue | 223.2% | 214.4% | 219.5% | 225.6% | 225.8% | 206.8% | 207.3% | 199.0% | 191.2% | 211.4% |
| Interest and Other Debt Servicing Charges | 12,254 | 12,506 | 13,332 | 13,471 | 13,063 | 13,302 | 13,935 | 14,461 | 15,122 | 16,198 |
| Net Interest-to-Operating Revenue | 8.3% | 7.9% | 8.1% | 8.0% | 7.5% | 6.8% | 6.4% | 5.5% | 5.5% | 6.5% |
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Hover/tap the data points of the bar charts below to view the datalabel values.
Net Debt-to-GDP
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Sources: Statistics Canada and Ontario Ministry of Finance.
Accessible description of chart: Net Debt-to-GDP
Net Debt-to-Operating Revenue
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Sources: Public Accounts of Ontario (1990–1991 to 2024–2025) and Ontario Ministry of Finance.
Accessible description of chart: Net Debt-to-Operating Revenue
Net Interest-to-Operating Revenue
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Sources: Public Accounts of Ontario (1990–1991 to 2024–2025) 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 as of March 31, 2025, was $455.3 billion, or 98.5 per cent of total debt, issued in the following currencies:
| $388.4 billion Canadian dollars | $4.2 billion Pound Sterling |
| $47.4 billion U.S. dollars | $2.5 billion Australian dollars |
| $11.8 billion Euros | $1.1 billion Swiss francs |
Note: Publicly-held debt includes the offsetting of $12.5 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 as of March 31, 2025 was $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).