Province's Debt History
Net Debt and Interest and Other Debt Servicing Charges
| Fiscal Years 2016–17 to 2028–29 ($ Millions) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Actuals | Current Outlook | 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 | 2028–29 | |
| Net Debt | 314,077 | 323,068 | 337,623 | 352,382 | 372,501 | 382,842 | 399,806 | 409,761 | 427,050 | 454,993 | 483,829 | 519,689 | 541,826 |
| Net-Debt-to-GDP | 39.7% | 39.2% | 39.3% | 39.5% | 42.6% | 39.5% | 37.5% | 36.0% | 35.7% | 36.5% | 37.4% | 38.7% | 38.9% |
| Net-Debt-to-Revenue | 223.2% | 214.4% | 219.5% | 225.6% | 225.8% | 206.8% | 207.3% | 199.0% | 192.2% | 205.7% | 209.7% | 219.9% | 220.3% |
| Interest and Other Debt Servicing Charges | 12,254 | 12,506 | 13,332 | 13,471 | 13,063 | 13,302 | 13,935 | 14,461 | 15,122 | 15,451 | 17,350 | 18,941 | 20,418 |
| Interest-to-Revenue | 8.3% | 7.9% | 8.1% | 8.0% | 7.5% | 6.8% | 6.4% | 5.5% | 5.6% | 6.0% | 6.7% | 7.2% | 7.5% |
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Hover or tap the data points in the bar charts below to view the year and value labels.
Net Debt-to-GDP
2025–26
Planning: 36.5%
2026–27
Slower: 37.6%
Planning: 37.4%
Faster: 36.9%
2027–28
Slower: 39.8%
Planning: 38.7%
Faster: 37.5%
2028–29
Slower: 40.6%
Planning: 38.9%
Faster: 37.0%
Actuals
Current Outlook &
Medium-Term Outlook
Medium-Term Outlook
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Sources: Statistics Canada and Ontario Ministry of Finance.
Accessible description of chart: Net Debt-to-GDP
Net Debt-to-Revenue
2025-26
Planning: 206%
2026-27
Slower: 212%
Planning: 210%
Faster: 206%
2027-28
Slower: 228%
Planning: 220%
Faster: 212%
2028-29
Slower: 233%
Planning: 220%
Faster: 207
Actuals
Current Outlook &
Medium-Term Outlook
Medium-Term Outlook
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Sources: Public Accounts of Ontario (1990–1991 to 2025–2026) and Ontario Financing Authority.
Accessible description of chart: Net Debt-to-Revenue
Interest-to-Revenue
2025–26
Planning: 6.0%
2026–27
Slower: 6.8%
Planning: 6.7%
Faster: 6.6%
2027–28
Slower: 7.5%
Planning: 7.2%
Faster: 7.0%
2028–29
Slower: 7.9%
Planning: 7.5%
Faster: 7.1%
Actuals
Current Outlook &
Medium-Term Outlook
Medium-Term Outlook
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Sources: Public Accounts of Ontario (1990–1991 to 2025–2026) and Ontario Financing Authority.
Accessible description of chart: Interest-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 as of March 31, 2026, was $488.2 billion, or 98.8 per cent of total debt, issued in the following currencies:
| $400.4 billion Canadian dollars | $4.1 billion Pound sterling |
| $61.1 billion U.S. dollars | $2.3 billion Australian dollars |
| $18.4 billion euros | $1.8 billion Swiss francs |
Note: Publicly-held debt includes the offsetting of $10.8 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 $4.6 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, 2026 was $6.2 billion, or 1.2 per cent of total debt.
Non-public debt consists of debt instruments issued mainly to Canada Pension Plan Investment Board (CPPIB).