Province's Debt History
Net Debt and Interest-on-Debt
| Fiscal Years 2011–12 to 2023–24 ($ Millions) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Actual | Interim1 | 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 | 2023–24 | |
| Net Debt | 241,912 | 259,947 | 276,169 | 294,557 | 306,357 | 314,077 | 323,834 | 338,496 | 353,332 | 399,463 | 439,844 | 475,797 | 503,118 |
| Net-Debt-to-GDP | 36.6% | 38.2% | 39.7% | 40.5% | 40.3% | 39.7% | 39.3% | 39.4% | 39.6% | 47.1% | 48.8% | 49.6% | 50.2% |
| Net-Debt-to-Revenue | 207.8% | 216.0% | 224.6% | 233.5% | 225.0% | 223.2% | 215.0% | 220.2% | 226.4% | 263.1% | 285.6% | 297.3% | 301.3% |
| Interest-on-Debt (IOD) | 10,587 | 10,878 | 11,155 | 11,221 | 11,589 | 11,709 | 11,903 | 12,384 | 12,495 | 12,456 | 13,130 | 13,691 | 14,571 |
| IOD-to-Revenue | 9.1% | 9.0% | 9.1% | 8.9% | 8.5% | 8.3% | 7.9% | 8.1% | 8.0% | 8.2% | 8.5% | 8.6% | 8.7% |
1 Interim represents the 2021 Budget projection for the 2020–21 fiscal year.
Source: Ontario Financing Authority.
Source: Ontario Financing Authority.
Net Debt-to-GDP
Sources: Statistics Canada and Ontario Ministry of Finance.
Accessible description of chart: Net Debt-to-GDP
Net Debt-to-Revenue
Sources: Public Accounts of Ontario (1990–1991 to 2019–2020) and Ontario Financing Authority.
Accessible description of chart: Net Debt-to-Revenue
IOD-to-Revenue
Sources: Public Accounts of Ontario (1990–1991 to 2019–2020) and Ontario Financing Authority.
Accessible description of chart: IOD-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, 2021, is projected to be $395.3 billion, or 98 per cent of total debt, issued in the following currencies:
| • $331.3 billion Canadian dollars | • $4.7 billion Pound Sterling |
| • $42.2 billion U.S. dollars | • $1.4 billion Australian dollars |
| • $15.1 billion Euros | • $0.6 billion Swiss francs |
Note: Publicly-held debt includes the offsetting of $10.3 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, 2021 is projected to be $9.3 billion, or 2 per cent of total debt.
Non-public debt consists of debt instruments issued mainly to Canada Pension Plan Investment Board (CPPIB).
