Province's Debt History

Net Debt and Interest and Other Debt Servicing Charges

  Fiscal Years 2016–17 to 2027–28 ($ 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
Net Debt 314,077 323,068 337,623 352,382 372,501 382,842 399,806 409,761 427,050 458,619 485,004 499,829
Net-Debt-to-GDP 39.7% 39.2% 39.3% 39.5% 42.6% 39.5% 37.7% 36.6% 36.2% 37.7% 38.7% 38.4%
Net-Debt-to-Operating Revenue 223.2% 214.4% 219.5% 225.6% 225.8% 206.8% 207.3% 199.0% 191.2% 207.5% 213.0% 209.8%
Interest and Other Debt Servicing Charges 12,254 12,506 13,332 13,471 13,063 13,302 13,935 14,461 15,122 16,177 16,867 17,721
Net Interest-to-Operating Revenue 8.3% 7.9% 8.1% 8.0% 7.5% 6.8% 6.4% 5.5% 5.5% 6.4% 6.6% 6.7%
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Source: Ontario Financing Authority.

Hover/tap the data points orange area (2024–25 to 2027–28) of the bar charts below to view the datalabels.

Net Debt-to-GDP

2025–26
Slower: 38.1%
Planning: 37.7%
Faster: 37.2%
2026–27
Slower: 40.5%
Planning: 38.7%
Faster: 37.0%
2027–28
Slower: 40.9%
Planning: 38.4%
Faster: 35.7%
Actuals
Current 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-Operating Revenue

2025-26
Slower: 211%
Planning: 208%
Faster: 204%
2026-27
Slower: 223%
Planning: 213
Faster: 203%
2027-28
Slower: 225%
Planning: 210%
Faster: 194%
Actuals
Current Outlook &
Medium-Term Outlook
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Sources: Public Accounts of Ontario (1990–1991 to 2024–2025) and Ontario Financing Authority.

Accessible description of chart: Net Debt-to-Operating Revenue

Net Interest-to-Operating Revenue

2025–26
Slower: 6.5%
Planning: 6.4%
Faster: 6.3%
2026–27
Slower: 6.9%
Planning: 6.6%
Faster: 6.3%
2027–28
Slower: 7.2%
Planning: 6.7%
Faster: 6.2%
Actuals
Current Outlook &
Medium-Term Outlook
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Sources: Public Accounts of Ontario (1990–1991 to 2024–2025) and Ontario Financing Authority.

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).

The 2024–2025 Public Accounts - Schedules of Debt (PDF)