Province's Debt History
Net Debt and Interest-on-Debt
| Fiscal Years 2011–12 to 2020–21 ($ Millions) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Actual | Interim1 | Plan | ||||||||
| 2011–12 | 2012–13 | 2013–14 | 2014–15 | 2015–16 | 2016–17 | 2017–18 | 2018–19 | 2019–20 | 2020–21 | |
| Net Debt | 241,912 | 259,947 | 276,169 | 294,557 | 306,357 | 314,077 | 323,834 | 338,496 | 355,160 | 379,175 |
| Net-Debt-to-GDP | 36.6% | 38.2% | 39.7% | 40.5% | 40.3% | 39.7% | 39.2% | 39.5% | 39.9% | 41.7% |
| Net-Debt-to-Revenue | 207.8% | 216.0% | 224.6% | 233.5% | 225.0% | 223.2% | 215.0% | 220.2% | 226.6% | 242.6% |
| Interest-on-Debt2 (IOD) | 10,587 | 10,878 | 11,155 | 11,221 | 11,589 | 11,709 | 11,903 | 12,384 | 12,599 | 13,199 |
| IOD-to-Revenue | 9.1% | 9.0% | 9.1% | 8.9% | 8.5% | 8.3% | 7.9% | 8.1% | 8.0% | 8.4% |
1 Interim represents the March 2020 Economic and Fiscal Update projections for the 2019–20 fiscal year.
2 Interest on debt is net of interest capitalized during construction of tangible capital assets of $157 million in 2017–18, $175 million in 2018–19, $476 million in 2019–20, and $234 million in 2020–21.
Source: Ontario Financing Authority.
2 Interest on debt is net of interest capitalized during construction of tangible capital assets of $157 million in 2017–18, $175 million in 2018–19, $476 million in 2019–20, and $234 million in 2020–21.
Source: Ontario Financing Authority.
Average Annual Ontario Borrowing Rates
(Per Cent)
*2019–20 and 2020–21 are 2019 Budget forecasts.
**2019–20 actual cost of borrowing is as of February 28, 2020.
Sources: Public Accounts of Ontario and Ontario Financing Authority.
**2019–20 actual cost of borrowing is as of February 28, 2020.
Sources: Public Accounts of Ontario and Ontario Financing Authority.
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 interim as of March 31, 2020, was $361.2 billion, or 97 per cent of total debt, issued in the following currencies:
| • $300.8 billion Canadian dollars | • $1.1 billion Swiss francs |
| • $44.7 billion U.S. dollars | • $0.9 billion Pound Sterling |
| • $11.4 billion Euros | • $0.5 billion Japanese yen |
| • $1.9 billion Australian dollars |
Note: Publicly-held debt includes the offsetting of $7.6 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 interim as of March 31, 2020 was $10.0 billion, or 3 per cent of total debt.
Non-public debt consists of debt instruments issued mainly to Canada Pension Plan Investment Board (CPPIB).
