Between 2008/09 and 2019/20, the province's net debt increased by $71.8 billion.
This year, the 10 provinces are projected to run cumulative deficits of nearly $80 billion.
In Canada, government net debt has doubled from $1 trillion to $2 trillion.
Ontario spent $12.5 billion on government debt interest in 2020/21.
Trudeau government—and provincial governments across Canada—can learn from past fiscal consolidations
The Trudeau government’s recent fiscal update forecasted a $343 billion deficit this year.
Budget include an additional $185 million in transfers from Ottawa.
Total provincial government deficits will reach an estimated $63.0 billion this year.
Governments elected via proportional representation are more likely to run deficits.
The federal deficit was approximately $19 billion in both 2016/17 and 2017/18.