Ontario's Borrowing Program

Ontario's 2025–26 Borrowing Program & Medium-Term Outlook

($ Billions) 2025–26 Medium-Term Outlook
2025 Budget Change from 2025 Budget Interim 2025–26 2026–27 2027–28 2028–29
Deficit/(Surplus) 14.6  (2.3) 12.3  13.8  6.1  (0.6)
Provincial Investment in Capital Assets 23.1  1.3  24.4  28.0  28.0  22.4 
Pre-funding for Protect Ontario Account –  5.0  5.0  –  –  – 
Amortization of Capital Assets (9.1) –  (9.1) (10.2) (10.5) (11.4)
Non-Cash and Cash Timing Adjustments (3.1) 1.0  (2.1) (2.5) (2.7) (3.5)
Net Loans and Investments[1] 1.2  1.1  2.4  5.2  5.6  4.9 
Debt Maturities and Redemptions 33.1  –  33.1  26.9  27.5  30.7 
Total Funding Requirement 59.8  6.1  65.9  61.2  54.1  42.7 
Decrease/(Increase) in Short-Term-Borrowing (5.0) (0.5) (5.5)  (6.0) (6.0) – 
Increase/(Decrease) in Year-End Cash and Cash Equivalents (12.0) 11.2  (0.8) (9.0) (5.0) – 
Total Long-Term Public Borrowing 42.8  16.8  59.6  46.2  43.1  42.7 
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1 The increase in Net Loans and Investments primarily reflects higher projected loan disbursements associated with Ontario Student Assistance Program (OSAP) policy changes effective in the 2026–27 academic year. ↵
Note: Numbers may not add due to rounding.
Source: Ontario Financing Authority.

2026–27 Borrowing Program Status

Total Long-Term Public Borrowing
$46.2B
Total borrowed as of : $0.7B

2025–26 Borrowing Program Status

Total Long-Term Public Borrowing
$59.6B

Canadian Dollar Syndicated Bonds ($31.2B)

Canadian Dollar Floating Rate Note ($1.5B)

Canadian Dollar Green Bonds ($1.6B)

Canadian Dollar Green Bond Floating Rate Note ($1.5B)

U.S. Dollar Bonds ($14.5B)

Euro Bonds ($8.7B)

Swiss Franc Bond ($0.7B)

$59.6B Total Borrowed

As of March 30, 2026.

Note: Numbers may not add due to rounding.

Domestic and International Borrowing

As of March 30, 2026

Weighted-Average Borrowing Term (Years) 12.1 8.6 8.1 12.8 13.0 12.4 13.6 14.1 14.2 13.9 12.1 12.9 14.5 12.0 14.5 15.0 15.2 14.1 12.5
Note: Numbers may not add due to rounding.
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Accessible description of chart: Domestic and International Borrowing

Short-Term Borrowing Capacity

($ Billions) C$ T-Bill Program U.S.$ Commercial Paper Program Total
Currency Canadian Dollars U.S. Dollars –
Maturity 1 day-3 years* 1-270 day(s) –
Authorized C$46.0 C$22.5 (U.S.$16.6) C$68.5
Outstanding C$23.1 C$10.6 (U.S.$7.8) C$33.7
Available C$22.9 C$11.9 (U.S.$8.8) C$34.8
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*Regular issuance of 3M, 6M and 1Y T-Bills
As of February 27, 2026.
Note: Numbers may not add due to rounding.