Province's Debt History
Net Debt and Interest-on-Debt
| Fiscal Years 2011–12 to 2022–23 ($ Millions) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Actual | Current Outlook1 | Medium-Term Outlook | ||||||||||
| 2011–12 | 2012–13 | 2013–14 | 2014–15 | 2015–16 | 2016–17 | 2017–18 | 2018–19 | 2019–20 | 2020–21 | 2021–22 | 2022–23 | |
| Net Debt | 241,912 | 259,947 | 276,169 | 294,557 | 306,357 | 314,077 | 323,834 | 338,496 | 353,332 | 397,972 | 437,814 | 472,932 |
| Net-Debt-to-GDP | 36.6% | 38.2% | 39.7% | 40.5% | 40.3% | 39.7% | 39.2% | 39.5% | 39.7% | 47.0% | 48.5% | 49.6% |
| Net-Debt-to-Revenue | 207.8% | 216.0% | 224.6% | 233.5% | 225.0% | 223.2% | 215.0% | 220.2% | 226.4% | 263.4% | 287.4% | 295.3% |
| Interest-on-Debt (IOD) | 10,587 | 10,878 | 11,155 | 11,221 | 11,589 | 11,709 | 11,903 | 12,384 | 12,495 | 12,456 | 13,226 | 13,937 |
| IOD-to-Revenue | 9.1% | 9.0% | 9.1% | 8.9% | 8.5% | 8.3% | 7.9% | 8.1% | 8.0% | 8.2% | 8.7% | 8.7% |
1 For the purposes of the legislated requirements for a budget and mid-year
review in the Fiscal Sustainability, Transparency, and Accountability Act, 2019, the 2020–21 current outlook represents the plan year of
the Budget as well as the current fiscal year of the mid-year review.
Source: Ontario Financing Authority.
Source: Ontario Financing Authority.
Average Annual Ontario Borrowing Rates
Sources: Public Accounts of Ontario (1990–1991 to 2019–2020) and Ontario Financing Authority.
Accessible description of chart: Average Annual Ontario Borrowing Rates
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, 2020, was $362.8 billion, or 97 per cent of total debt, issued in the following currencies:
| • $302.8 billion Canadian dollars | • $1.1 billion Swiss francs |
| • $44.2 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 $9.9 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).
