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 314,077 323,068 337,623 352,382 372,501 382,842 399,806 409,761 427,050 459,362 485,120 514,377 529,282
Net-Debt-to-GDP 39.7% 39.2% 39.3% 39.5% 42.6% 39.5% 37.5% 36.0% 35.7% 36.8% 37.7% 38.5% 38.2%
Net-Debt-to-Revenue 223.2% 214.4% 219.5% 225.6% 225.8% 206.8% 207.3% 199.0% 191.2% 204.4% 210.9% 212.9% 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 16,047 17,237 18,563 19,744
Interest-to-Revenue 8.3% 7.9% 8.1% 8.0% 7.5% 6.8% 6.4% 5.5% 5.5% 6.3% 6.7% 6.9% 7.1%
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Source: Ontario Financing Authority.

Hover/tap the data points orange area (2025–26 to 2028–29) of the bar charts below to view the datalabels.

Net Debt-to-GDP

2025–26
Planning: 36.8%
2026–27
Slower: 38.3%
Planning: 37.7%
Faster: 37.2%
2027–28
Slower: 40.0%
Planning: 38.5%
Faster: 37.3%
2028–29
Slower: 40.4%
Planning: 38.2%
Faster: 36.4%
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-Revenue (formerly Net Debt-to-Operating Revenue)

2025-26
Planning: 204%
2026-27
Slower: 215%
Planning: 211%
Faster: 207%
2027-28
Slower: 223%
Planning: 213%
Faster: 205%
2028-29
Slower: 224%
Planning: 210%
Faster: 198%
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-Revenue

Interest-to-Revenue (formerly Net Interest-to-Operating Revenue)

2025–26
Planning: 6.3%
2026–27
Slower: 6.8%
Planning: 6.7%
Faster: 6.6%
2027–28
Slower: 7.2%
Planning: 6.9%
Faster: 6.7%
2028–29
Slower: 7.6%
Planning: 7.1%
Faster: 6.7%
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: 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 $486.0 billion, or 98.7 per cent of total debt, issued in the following currencies:

$405.2 billion Canadian dollars $3.8 billion pound sterling
$60.5 billion U.S. dollars $2.2 billion Australian dollars
$12.6 billion euros $1.7 billion Swiss francs
Note: Publicly-held debt includes the offsetting of $10.0 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 1.3 per cent of total debt.

Non-public debt consists of debt instruments issued mainly to Canada Pension Plan Investment Board (CPPIB).

The 2026 Ontario Budget - Schedule of Debt (PDF)