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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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
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
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
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).